419 GMT [Dow Jones] AUD/USD remains on course for 0.7700 target...

419 GMT [Dow Jones] AUD/USD remains on course for 0.7700 target of inverse head & shoulders pattern, shows Dow Jones technical analysis. Since breaking neckline resistance on Dec. 11, pair has remained above neckline on daily closing basis; Dec. 17 close above 0.7014 has formed significant uptrend. 0.7014 now offers tentative support, before very strong support at Dec. 12 low of 0.6492. Weekly MACD will turn bullish if AUD/USD ends week above current levels; would likely fuel at least a few more weeks of strength. Is not entirely clear that major bear wedge pattern, which terminated AUD/USD's rise after it failed near major resistance at 0.9827 (50% retracement of 1974-2001 fall) in July has run course; but is strong chance of rise to 0.7700 in short term. Expect some resistance at 0.7238 (Oct. 14 high), 0.7478 (38.2% retracement of July-October fall); now at 0.7045.(DWR)