AUDUSD Analysis – May 9, 2009

AUDUSD remains in uptrend from 0.6284. Further rise to 0.7900-0.8000 area is possible in a couple of weeks. Initial support is at 0.7500 followed by the rising trend line on daily chart, as long as the trend line support holds, uptrend will continue.

For long term analysis, AUDUSD has formed a cycle bottom at 0.6008 (2008 low) level on monthly chart. Further rise to 0.8000-0.8300 area is expected.

audusd daily chart

audusd weekly chart

audusd monthly chart