AUDUSD Analysis – September 5, 2009

AUDUSD broke above 0.8477 resistance, suggesting that the uptrend from 0.6248 has resumed. Further rise is expected next week and next target would be at 0.8600-0.8700 area. Key support is at 0.8155, only fall below this level could signal reversal of current trend.

For long term analysis, AUDUSD has formed a cycle bottom at 0.6008 (2008 low) level on monthly chart. Further rise to 0.8600-0.8800 area is still possible.

audusd daily chart