AUDUSD Analysis – June 10, 2009

AUDUSD might be forming a cycle bottom at 0.7827 level on daily chart. Key resistance is located at 0.8263, a break above this level is needed to confirm the cycle bottom. Near term support is located at 0.7827, below this level will indicate lengthier consolidation of uptrend is underway, and pull down to test the support of the rising trend line on daily chart is expected to follow.

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