AUDUSD Analysis – October 30, 2010

AUDUSD has formed a cycle top at 0.9998 level on daily chart. Pullback towards the lower border of the channel would more likely be seen next week. As long as the channel support holds, uptrend is expected to resume and one more rise towards 1.1000 is still possible. However, a clear break below the channel support will indicate that the upward movement from 0.8066 has completed at 0.9998 already, then the following downtrend could bring price to 0.8500 zone.

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