AUD/USD: With AUD/USD rallying through the 0.8957 level, its Dec 23 2013 high to resume its corrective recovery, there is risk of continued upside in the days ahead. This development leaves further bull pressure towards the 0.9050 level, its psycho level where a violation will aim at the 0.9082/0.9100 levels.
Further out, resistance resides at the 0.9166 level, its Dec 10 2013 low. Its daily RSI is bullish and pointing higher supporting this view.
Conversely, support comes in at the 0.8957 level, its Dec 23 2013 high where a reversal of roles is expected to occur and turn the pair higher.
However, if this level fails to hold, expect further decline to occur towards the 0.8884 level followed by the 0.8850 level and finally, the 0.8800 level. All in all, the pair remains biased to the upside on recovery.
Guest post by FX Tech Strategy
