AUDUSD: Resumes Recovery Strength, Pressure Builds On 1.0784 (Daily Technical Strategist)

AUDUSD:  With a follow through higher on its last week gains seeing AUDUSD breaking above the 1.0598 level, its Aug 17’2011 high to resume its recovery strength set from the 0.9926 level in early trading today, further upside gains are now expected.This leaves the 1.0677 level, its Aug 03’2011 low as the next upside target with a cut through there paving the way for a push towards the 1.0778 level, its Aug 04’2011 high. Further out, resistance resides at the 1.1004 level, its Aug 02’2011 high. Its weekly RSI is bullish and pointing higher suggesting further gains. On the downside, initial support comes in at the 1.0598 level where a reversal of roles as support is likely to occur. Other supports are located at the 1.0313 level and the 0.9926 level, its Aug 09’2011 high. Further down, support lies at the 0.9800 level followed by the 0.9722 level, representing its long term rising trendline dating back to Mar’2009