AUD/USD (daily chart as of October 17, 2013) rebounded off 0.9315 (the key support level we have been watching very closely) on October 1. The 0.9315 mark is the last significant high point of the prior downtrend that extended back to April 10. Price surpassed the September 18 high of 0.9527 yesterday and positioned to test the daily EMA 200, which is currently around the 0.9630 level and also close to the projected target for the inverted head and shoulders pattern.
If 0.9630/60 serves as strong resistance, price could turn down to test 0.9527 or the daily EMA 20, which has acted as resistance for the prior downtrend and as support for the recent uptrend with higher highs and higher lows in the making, followed by 0.9385 (October 10 low), and the key 0.9315 level. In the event of price breaking out above 0.9630/60, the resistance levels above are 0.9720 or the weekly EMA 200, and potentially 0.9790 (June 3 high).
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