AUDUSD Analysis – January 29, 2011

AUDUSD stayed in a narrow range between 0.9803 and 1.0076 for several days. Support is at 0.9803, a break below this level could trigger another fall towards 0.9600 area. Key resistance is at 1.0076, above this level will indicate that a cycle bottom has been formed at 0.9803 level on daily chart, then further rise towards 1.0500 could be seen.

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