AUDUSD: Pressure Continues To Point Higher.
AUDUSD: We continue to hold and maintain our short term uptrend bias on AUDUSD. It now looks to recapture the 1.0500/20 levels. A cut through here will set the stage for a run at the 1.0623 level, its Sept 2012 high. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support stands at the 1.0400 followed by 1.0350 level where a breach will aim at the 1.0300 level. Further down, support comes in at the 1.0234 level with a breach pushing it lower towards the 1.0198 level. All in all, the pair continues to retain its upside risks in the short term.
