AUDUSD: The broader outlook for AUDUSD remains higher as it looks to build more strength following its strong performance the past week.With another key psycho level at the 1.0500 level violated, risk of further upside pressure should continue as a new week begins.
In such a case, the 1.0600 level will be aimed at initially with a breach targeting the 1.0700 level and subsequently the 1.0800 level. Its daily and weekly studies are bullish and pointing higher supporting this view.
Alternatively, the risk to our analysis will be a return below the 1.0253 level though not likely at its current price levels. This will open the door for further declines towards the 0.9702 level, its Mar 16’2011 low with a loss of there triggering further declines towards the 0.9672 level, its daily 200 ema.