HIGHLIGHTS:

AUDUSD: Remains On The Offensive, Targets The 0.9000 Level - With a firm hold above the 0.8857 level seen following its sharp rally on Tuesday, risk of further upside gains is now likely.

EURUSD: Retarget Of The 1.4844 Level Remains On Course - With a third-day of recovery seen on Tuesday following a halt of declines at the 1.4479 level and its subsequent upmove.The.


EURUSD

EURUSD

EURUSD: Retarget Of The 1.4844 Level Remains On Course.

EURUSD - With a third-day of recovery seen on Tuesday following a halt of declines at the 1.4479 level and its subsequent upmove.Thepair’s outlook remains higher though seen hesitating in early trading today.
We expect the EUR to head to the upside towards its YTD high at 1.4844 level where a clean violation will resume its medium term uptrend currently on hold towards the 1.4875 level, representing its Sept 21’09 high before the its psycho level at 1.5000 and then the 1.5082 level, its Aug 10’08 high. Its daily studies are supportive of this view. However, any price stall at the current level will put its nearby support at 1.4672 under pressure where a break lower will expose its Oct 02’09 low at 1.4479. A cap is expected at the latter level. The next support lies at its MT rising trendlinecurrent at 1.4347. We retain our medium term bullish view on the pair with a break and hold above the 1.4844 level triggering that trend.


AUDUSD

AUDUSD

AUDUSD: Remains On The Offensive, Targets The 0.9000 Level

AUDUSD - With a firm hold above the 0.8857 level seen following its sharp rally on Tuesday, risk of further upside gains is now likely towards its Aug 10’08 high at 0.8950 with a clean penetration of there allowing for further upside targeting the 0.9000 level, its big psycho level. Its daily RSI continues to trend higher suggesting further upside gains. Conversely, supports are located at the 0.8857 level with an erosion of there turning the pair further lower towards the 0.8754 level, its intra day low and the 0.8567 level, its Oct 02’09 low. Below the latter will put the pair on the part to the 0.8584 level, marking its Sept 28’09 low.On the whole, having broken and triggered the resumption of its medium term uptrend, risk remains to the upside with the only threat being a failure of the mentioned break.