AUDUSD Analysis – June 6, 2009

AUDUSD stays above the rising trend line on daily chart and remains in uptrend from 0.6284. The pullback from 0.8263 is more likely consolidation of uptrend. Further fall to test the support of the rising trend line is possible next week, as long as the trend line support holds, we’d expect the uptrend to resume, and one more rise towards 0.8500 is still possible. However, below the trend line support will indicate that the uptrend from 0.6284 has completed at 0.8263 level already.

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