AUDUSD Analysis – November 6, 2010

AUDUSD broke above 0.9998 resistance and reached as high as 1.0182 level, suggesting that the uptrend from 0.8066 has resumed. Further rise is still possible next week and next target would be at 1.0500 area. Key support is at 0.9651, only break below this level could indicate that the upward move from 0.8066 is complete.

For long term analysis, AUDUSD is in uptrend from 0.8066, further rise to 1.1000 area is still possible in next several weeks.

audusd daily chart