HIGHLIGHTS:

AUDUSD: More Strength Highlights The 0.8810 Level - More strength continues to be seen as AUDUSD was seen breaking above its brief consolidation high at 0.8674 in early trading.

EURUSD: Hitting Further Higher Prices With Attention On The 1.4719 Level - Following its intra day reversal of losses to close higher at 1.4669 on Tuesday, EUR was seen following through on those gains in early.


AUDUSD

AUDUSD: More Strength Highlights The 0.8810 Level

AUDUSD: More strength continues to be seen as AUDUSD was seen breaking above its brief consolidation high at 0.8674 in early trading today targeting the 0.8810 level, its Aug 17’08 high. Its broader medium term uptrend triggered off the 0.6246 level in Feb’09 remains on course as a break of the latter level will put the pair on the path to further upside gains towards the 0.8950 level, its Aug 10’08 high. The pair is in its eight months of upside gains since bottoming out in Feb’09. Downside objectives are located at the 0.8674 level, the Sept 11’09 high and then the 0.8543 level, its Sept 14’09 low. Others are located at the 0.8476 level, its Aug 14’09 high and its Jun’09 high at 0.8262. On the whole, having broken to upside and resumed its medium term uptrend, AUDUSD continues print higher prices.


EURUSD

EURUSD

EURUSD: Hitting Further Higher Prices With Attention On The 1.4719 Level

EURUSD: Following its intra day reversal of losses to close higher at 1.4669 on Tuesday, EUR was seen following through on those gains in early morning trading today challenging higher prices and targeting its strong resistance located at the 1.4719 level. If that level is tested and eventually gives way, further medium term incursions will be seen towards the 1.4875 level, its Sept 21’09 high with a violation of there creating scope for more upmovetowards the 1.5082 level, its Aug 11’08 high. Its daily studies though in overbought zone remain bullish. To the downside, its immediate support lies at the 1.4634 level, Sept 11’09 high with a breach of there accelerating losses towards the 1.4514 level, the Sept 14’09 low followed by the 1.4446 level, its Aug 09 high where a reversal of roles is expected to turn EUR higher again. On the whole, with continued strength seen, EUR remains biased to the upside in the medium term for further upside gains.