AUDUSD Analysis – March 12, 2011

AUDUSD stayed in a narrow range between 0.9940 and 1.0200 for several weeks. Another rise to re-test 1.0255 key resistance would likely be seen next week, a break above this level will indicate that the uptrend from 0.8066 has resumed, then next target would be at 1.0500 area. Support is at 0.9943, below this level could bring price back to 0.9600 zone.

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