AUDUSD Analysis – October 16, 2010

AUDUSD runs in a rising price channel on daily chart and remains in uptrend. As long as the channel resistance holds, uptrend is expected to continue, and next target would be at 1.0300 area. However, a clear break below the channel support (now at 0.9790) will indicate that consolidation of uptrend is underway, then deeper decline towards 0.9541 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