AUDUSD: Trades Above The 0.8887 Level, Extends Recovery
AUDUSD: With the pair holding above the 0.8887 level, its Jan 22’2014 high there is risk of further upside in the days ahead. A turn above this level if seen will aim at the 0.9000 level, its big psycho level. Where a break will aim at the 0.9050 level and then the 0.9100 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on failure of its current recovery to maintain above the 08887 level, a decline could occur towards the 0.8729 level where a breach will target the 0.8700 level. A turn below here will aim at the 0.8659 level, its Jan 2014 low followed by the 0.8600 level and subsequently the 0.8550 level. All in all, the pair remains biased to the upside on further corrective recovery.
Article by www.fxtechstrategy.com