Daily Technical Strategist on AUDUSD

AUDUSD: Recovers, Eyes Further Strength

AUDUSD: With AUDUSD extending its correction on Tuesday and following through during Wednesday trading session today, further bullishness is now expected. On the upside, resistance resides at the 0.8750 level where a breach will aim at the 0.8800 level. Above that level will set the stage for a run at the 0.8850 level with a cut through here resuming its broader uptrend towards the 0.8900 level. On the downside, support lies at the 0.8650 level. A cut through here will turn attention to the 0.8600 level and then the 0.8550 level where a violation will set the stage for a retarget of the 0.8500 level. On the whole, AUDUSD continues to retain its broader downtrend though recovering.