AUDUSD Analysis – May 7, 2008

AUDUSD is testing 0.9541 resistance, a break of this level will signal resumption of the long term up trend. Pullback from 0.9541 to test 0.9275 key support would more likely be seen, break below this level will turn price back to test 0.8953 level.

For long term analysis, AUDUSD broke above 0.9496 previous high and is back to long term up trend. Further rise to 1.0000 level is expected after consolidation.

audusd daily chart