AUDUSD Analysis – April 3, 2011

AUDUSD’s upward movement from 0.9704 extended to as high as 1.0394. Further rise is still possible, and next target would be at 1.0500 zone. Support is at 1.0200, as long as this level holds, uptrend could be expected to continue.

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