AUDUSD Analysis – November 20, 2010

AUDUSD stays in a trading range between 0.9651 and 1.0182. As long as 0.9651 key support holds, the price action in the range is treated as consolidation of uptrend from 0.8066, and another rise towards 1.0500 is still possible. However, a breakdown below 0.9651 will indicate that the uptrend from 0.8066 has completed at 1.0182 already, then the following downward move could bring price to 0.9000 or even lower.

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