AUDUSD Analysis – Feb 13, 2008

No changed in our view, AUDUSD is in up trend. The fall from 0.9100 is treated as consolidation to the up trend. Further rise to test 0.9398 previous high resistance could still be seen after consolidation, and a break above 0.9100 level will confirm such case. Near term support is at 0.8870 and followed by 0.8819, as long as 0.8819 support holds, we’d expect up trend to continue.

For long term analysis, AUDUSD is in consolidation to the long term up trend, Rise towards 1.0000 to reach the next cycle top on weekly chart is still possible after consolidation, and a break above 0.9398 level will signal the resumption of the long term up trend.

audusd daily chart