AUDUSD Analysis – July 9, 2009

AUDUSD breaks below 0.7789 support, suggesting that the uptrend from 0.6284 has completed at 0.8263 level already. Consolidation in a range between 0.7500 and 0.8263 is expected in a couple of weeks. Key resistance is at 0.8263, only rise above this level will indicate that the uptrend from 1.6248 has resumed, then the next target would be at 0.8500 level.

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