AUDUSD Analysis – November 14, 2009

AUDUSD broke above 0.9326 previous high and reached as high as 0.9368. Further rise would more likely be seen next week and next target would be at 0.9450-0.9500 area. Support is remains at the lower border of the rising price channel, as long as the channel support holds, uptrend will continue. Key support is now located at 0.8916, below this level will indicate that the uptrend from 0.7703 has completed, then the following downward trend 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