AUDUSD Analysis – July 15, 2012

AUDUSD trades in a range between 0.9968 and 1.0328. As long as 0.9968 key support holds, the price action in the range is treated as consolidation of the uptrend from 0.9581, and another rise towards 1.0500 is still possible. Resistance is located at 1.0328, a break above this level could signal resumption of the uptrend. On the other side, a breakdown below 0.9968 will suggest that the uptrend from 0.9681 has completed at 1.0328 already, 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