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AUDUSD: Maintains Bullish Tone.


AUDUSD
: We continue to hold on to our bullish view on AUDUSD as it looks to target further strength.The pair should strengthen further with the possibility of testing the 1.100 level having violated the 1.0900 level, its psycho level. The psychological levels are used as resistance because of lack of the absence of overhead resistance levels. Both its weekly and daily momentum indicators are bullish and pointing higher supporting its current trend. Alternatively, on any pullback, AUDUSD will target  its April 27’2011 high at 1.0878 with a break aiming at its April 21’2011 high at 1.0774. Further supports are located at the 1.0679 level and the 1.0581 level, its Mar 08’2011 high. We expect a halt in declines at this level if tested as a reversal of roles as support is likely to occur. All in all, with its long term uptrend remaining intact, further strength  is expected.