AUDUSD Analysis – July 25, 2009

AUDUSD is testing 0.8263 previous high resistance. Breaking above this level would more likely be seen next week and further rally to 0.8500 zone to reach the next cycle top on daily chart is expected to follow. Near term support is at 0.7950, only fall below this level will take price back to re-test 0.7703 support.

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 still possible.

audusd daily chart