AUDUSD Analysis - March 13, 2010 Bookmark and Share
Forex Market Analysis  |  Written by ForexCycle.com |  Saturday, 13 March 2010 12:21 GMT
AUDUSD's bounce from 0.8577 extended to 0.9193 level. Support remains at the rising trend line from 0.8577 to 0.8801, as long as the trend line support holds, further rally is expected and next target would be at 0.9300-0.9350 area. However, below the trend line support could indicate that the bounce from 0.8577 has completed, then the follow pullback could take price back to 0.8800-0.8900 area.

For long term analysis, AUDUSD might be forming a cycle bottom at 0.8577 level on weekly chart. Rise towards 0.9800 area is possible in next several weeks.

audusd daily chart
 

Recommended Forex Trading Platforms

Voted Best Trading Platform of the year 2011 by World Finance Magazine, 4XP is the premier online broker, offering commission-free Forex, CFD’s, tight fixed spreads and real-time prices. 4XP offers cutting-edge software, advanced charting, mobile trading, daily analysis and 24 hour multilingual support.