AUDUSD Analysis – April 16, 2011

AUDUSD remains in uptrend from 0.9704. The price action from 1.0581 is likely minor consolidation of uptrend. Support is at 1.0380, followed by 1.0280, as long as these levels hold, we’d expect uptrend to resume, and another rise towards 1.0800 is still possible after consolidation.

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