AUDUSD Analysis – May 23, 2009

AUDUSD stays above the rising trend line on daily chart and remains in uptrend from 0.6284. However, the price action from 0.7709 is more likely consolidation of the uptrend. Pullback to test 0.7449 support would more likely be seen next week. As long as this level holds, further rally is still possible to 0.8300-0.8500 area after consolidation.

For long term analysis, AUDUSD has formed a cycle bottom at 0.6008 (2008 low) level on monthly chart. Further rise to 0.8300-0.8500 area is expected.

audusd daily chart