AUDUSD Analysis – May 30, 2009

AUDUSD remains in bullish movement and the uptrend from 0.6284 extends to as high as 0.8014 level. Further rally is still possible next week and target would be at 0.8200-0.8300 area. Near term support is at 0.7700, and key support is located at 0.7449, only fall below this level will indicate that the uptrend from 0.6284 has completed.

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