AUDUSD Analysis - September 5, 2010 Bookmark and Share
Forex Market Analysis  |  Written by ForexCycle.com |  Sunday, 05 September 2010 02:27 GMT
AUDUSD has formed a cycle bottom at 0.8771 level on daily chart. Now the bounce from 0.8771 could possibly be resumption of uptrend from 0.8066. Further rise towards 0.9849 (2008 high) would more likely be seen, however, a break above 0.9221 resistance is needed to confirm the resumption of uptrend. Key support is at 0.8771, only break below this level could bring price to range trading between 0.8066 and 0.9404.

For long term analysis, AUDUSD has formed a cycle bottom at 0.8066 level on weekly chart. Rise towards 0.9849 (2008 high) is expected 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.