HIGHLIGHTS:

GBPUSD:Challenges The 1.7000 Level & Beyond - Although an attempt at the 1.7000 level failed and yielded a marginal close Tuesday, GBP was retargeting that same level in early trading today.

AUDUSD : Holds Firmly Above The 0.8262 Level - AUDUSD:With continued upside gains seen since breaking above its strong resistance at the 0.8262 level, further upside threats continues to be expected though it was seen weakening in early trading today.

GBPUSD

GBPUSD

GBPUSD: Challenges The 1.7000 Level & Beyond.

GBPUSD - Although an attempt at the 1.7000 level failed and yielded a marginal close Tuesday, GBP was retargeting that same level in early trading today. Even though this psycho level will be easy to break, an eventual crack of there will leave the pair continuing its medium term strength towards the 1.7100 level and then the 1.7200 level. Its higher level chart are supportive of this view as they are pointing higher. On the other hand, if GBP stalls at the 1.7000 level, corrective pullback of its current strength will be expected towards the 1.6742 level will be targeted ahead of the 1.6584 level, its July 23’09 high and subsequently its July 22’09 low at 1.6308. Further down, the 1.6034 level, its July 13’09 low and its July 08’09 low at 1.5984 come in as next supports. Its MT rising trendlinealso provides a strong upside case medium term. All in all, having retargeted the 1.6742 level and triggered its medium term uptrend, further upside momentum is now aiming at the 1.7000 level.


AUDUSD

AUDUSD

AUDUSD: Holds Firmly Above The 0.8262 Level.

AUDUSD - With continued upside gains seen since breaking above its strong resistance at the 0.8262 level, further upside threats continues to be expected though it was seen weakening in early trading today. This development now leaves the 0.8517 level, its Sept 21’08 high as the next upside objective with a decisive invalidation of there clearing the way for a run at the 0.8810 level, its Aug 17’08 high. Its monthly and weekly studies are pointing higher suggesting further upside gains. However, on any pullback from its current price levels, the 0.8262 level just invalidated is expected to reverse roles and provide support thereby turning the pair higher again. Below that level if seen will call for further downside towards the 0.8071 level, its July 16’09 high and then the 0.8000 level with a loss of the latter aiming at the 0.7700 level where its July 16’09 low is located. On the whole, with its current bullishness, the pair is likely to aim at further higher prices having resumed its medium term uptrend