According to Andrew Solter, a strategist for ANZ, AUDUSD is being affected by China’s economic stats and some domestic factors. Stan Shamu, a market strategist for IG, most investors are looking forward to the end of the Greek debt talks. Julia Gillard, the Prime Minister of Australia, assumes that in long-term perspective, the Australian Dollar will remain strong, thus underlying that the eurozone crisis affects even such financial strongholds as Switzerland, which makes investors consider the Aussie a safe haven asset for the first time in history.
In the meantime, AUDUSD keeps implementing the bullish scenario given in the outlook for Jan 31st 2012. According to the Department of Masterforex-V Trading System , AUDUSD is forming wave 5 or A inside the “Hound of the Baskervilles” pattern by Elder/MF. The closest levels of resistance are 1.0763, 1.0820, 1.0881, 1.0910. The current rally will be over as soon as the price breaks below the MF pivot 1.0578 and the bottom of the MF sloping channel (as shown below):
