AUDUSD Analysis – November 7, 2009

Being contained by the lower border of the rising price channel on daily chart, AUDUSD rebounded from 0.8916, suggesting that a cycle bottom has been formed. The rise from 0.8916 is now treated as resumption of uptrend, another rise towards 0.9450-0.9500 area could be seen in a couple of week. Key support is now located at 0.8916, below this level will indicate that the uptrend 0.7703 has completed at 0.9326 already, then the following downtrend could take price back to 0.8500 zone.

For long term analysis, AUDUSD is in long term bullish movement. Further rise towards 0.9500 area to reach next cycle top on weekly chart is still possible in next several weeks.

audusd daily chart