AUDUSD: A Stab At The 0.9092 Level On The Cards

AUDUSD: With a corrective recovery continuation seeing AUDUSD pushing through the 0.8924 level, its Feb 02’10 high and the 0.8981 level, representing its Jan 22’10 low to test a high of 0.9026 on Tuesday, threats on the upside could shape up towards the 0.9092 level, its Jan 25’10 high. We should see a halt in price turning the pair lower if that level on initial test. Its daily stochastics remains bullish supporting this view. On the downside, immediate support is located at the 0.8981 level, its Jan 22’10 low with a loss of there targeting the 0.8924 level and then the 0.8779 level, its Feb 02’10 low. On further downside weakness,  the 0.8733 level, its  Dec 24’09 low should be aimed at where a halt in price may be seen but if that snaps, further weakness could develop towards its 2010 low at 0.8576. Beyond there will resume its medium term downtrend towards the 0.8400 level, its psycho level and possibly lower.