AUDUSD Analysis – July 7, 2012

AUDUSD remains in uptrend from 0.9581, the price action from 1.0223 is likely consolidation of the uptrend. Pullback to 1.0050 area to complete the consolidation would likely be seen next week. Key support is at 0.9968, as long as this level holds,uptrend could be expected to resume after consolidation, and next target would be at 1.0500 area. On the downside, a breakdown below 0.9968 will indicate that the uptrend from 0.9581 has completed, then deeper decline to 0.9800 area could be seen.

For long term analysis, AUDUSD has formed a cycle bottom at 0.9581 on weekly chart. Further rise towards 1.0800 is expected over the next several months.

audusd daily chart