AUDUSD Analysis – November 21, 2009

AUDUSD stays in a rising price channel on daily chart and the price action from 0.9326 is more likely consolidation of uptrend from 0.7703. As long as the channel support holds, we’d expect uptrend to resume and one more rise towards 0.9500 is still possible in a couple of weeks. Key support is located at 0.8916, below this level will indicate that the rise from 0.7703 has completed at 0.9404 already, then the following downward trend could bring price back to 0.8100 area.

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