AUDUSD Analysis – Feb 27, 2008

AUDUSD is in up trend. The rise from 0.8512 extends to as high as 0.9348 level. Further rally to test 0.9398 previous high resistance is still possible in a couple of days, and break of this resistance to reach the next cycle top on daily chart will more likely be seen. Near term support is at the up trend line from 0.8512 to 0.8922, as long as this support holds, up trend will continue.

For long term analysis, AUDUSD is in consolidation to the long term up trend, Rise towards 1.0000 to reach the next cycle top on weekly chart is still possible after consolidation, and a break above 0.9398 level will signal the resumption of the long term up trend.

audusd daily chart