AUDUSD: Builds Up Gains, Targets The 1.0378 Level (Daily Technical Strategist).

AUDUSD:  Having continued to build on its recovery triggered from the 0.9861 level, risk of further strength is building up towards its Dec 08’2011 high at 1.0378.On a decisive break and hold above here, AUDUSD will strengthen further towards the 1.0444 level, its Nov 03’2011 high and then the 1.0569 level, its Oct 31 high. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, the risk to this analysis will be a return to the 0.9861 level with a loss of there calling for further decline towards the 0.9796 level, its Nov 11’2011 low. A breach will turn focus to its Nov’2011 low at 0.9663 level and possibly lower towards the 0.9600 level. All in all, the pair continues to face upside offensive nearer term.

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