AUDUSD: Halts Declines, Threaten A Return To 1.0842 Level

The pair may have halted its pullback and triggered a recovery higher but will have to return above the 1.0842 level to trigger its broader medium term uptrend. 

This if seen will open upside risk towards the 1.0900 level, representing its psycho level. Further out, the next upside target resides at the 1.1000/4 levels and ultimately, its July 27’2011 high at 1.1078. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, on continued pullbacks, the 1.0568/25 levels will be targeted where a breather may occur. However, if this fails to happen, we could see the pair aiming at 1.0444 level. Below here will set the stage for further declines towards the 1.0230 level, its Jan 13’2012 low. All in all, the pair remains biased to the upside medium term but faces bear threats.


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