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GBPUSD: Nearer Term Risk Remains Higher - With a reversal off its intra day low at 1.6599 pushing the pair higher though closing marginally lower at 1.6738,..
AUDUSD: Upside Threats Seen - The pair was seen strengthening today shrugging off its Tuesday negative close and leaving further upside risk …
AUDUSD
AUDUSD: Upside Threats Seen
AUDUSD - The pair was seen strengthening today shrugging off its Tuesday negative close and leaving further upside risk beyond its YTD high at 0.9327. Having said that, a convincing invalidation of the 0.9327 level will resume the pair’s medium term uptrend and put further upside pressure on the 0.9592 level, its July 27’08 high ahead of the 0.9790 level, its July 20’08 high. Its daily RSI and stochasticsare bullish and trending higher suggesting further strength. Support starts at the 0.9275 level, its Oct 26’09 high ahead of the 0.9142 level, its Nov 04’09 high with a break targeting the 0.8994 level where its MT rising trendlineis located. A cap is expected there. On the whole, the pair remains biased to the upside nearer term with eyes on its medium term resumption.
GBPUSD
GBPUSD: Nearer Term Risk Remains Higher
GBPUSD - With a reversal off its intra day low at 1.6599 pushing the pair higher though closing marginally lower at 1.6738, threats are seen towards its immediate barrier seen at the 1.4842 level, its Nov 09’09 high. A sustained break of there will turn attention to the 1.7041 level where its YTD high is standing with a penetration of there triggering the resumption of its medium term uptrend now on hold towards its .50 Ret (2.1160-1.3501)at 1.7314. On the other hand, our nearer term upside view will be voided if the 1.6602 level and the 1.6249 level, its Oct 26’09 low are traded leaving additional risk towards its Oct 30’09 high at 1.6124 level and then the 1.6000 level. On the whole, though the pair is now struggling, as long as it holds above the 1.6602 level and then its swing low at 1.6249 level, we see its recovery off the 1.5706 level unharmed.
