AUDUSD Analysis – January 15, 2011

AUDUSD may be forming a cycle bottom at 0.9803 level on daily chart. Resistance is at 1.0020, a break above this level will confirm the cycle bottom and indicate that the fall from 1.0255 is complete, then another rise towards 1.0500 area could be seen. Support is at 0.9803, only break below this level could trigger another fall to 0.9600 area.

For long term analysis, AUDUSD had formed a cycle bottom at 0.9537 level on weekly chart. Further rise to 1.1000 area is expected in next several weeks.

audusd daily chart