AUDUSD Analysis – October 2, 2010

AUDUSD’s rise from 0.8771 extends to as high as 0.9749. Supports are at 0.9620 and 0.9550, as long as these levels hold, uptrend could be expected to continue and next target is at 0.9849 (2008 high). Only break below 0.9550 could indicate that the rise from 0.8771 has completed, then pullback to 0.9300 area could be seen.

For long term analysis, AUDUSD is in uptrend from 0.8066, further rise to 1.1000 area is still possible in next several weeks.

audusd daily chart