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Technical Focus: AUDUSD

May 23, 2011 8:09 AM ET
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AUDUSD: Bear Pressure Targets Further Lower Prices

AUDUSD: As highlighted in our weekly analysis of the possibility of  a return below the 1.0502 level, its May 17’2011 low as long as AUDUSD trades and holds below the 1.0888 level, its May 2011 high, well that is currently underway.An eventual violation of the 1, 0502 level will pave the way for more declines towards the 1.0388 level, its April 12’2011 low and subsequently its April 05’2011 low at 1.0287. Its daily RSI is bullish and pointing lower suggesting further weakness. Alternatively, for AUDUSD to re-establish its long term uptrend it has to break and hold above the 1.0888 level and then the 1.1009 level, its 2011 high. This will put the pair in a position to strengthen further towards the 1.1100 and then the 1.1200 level, its psycho levels.

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