AUDUSD Analysis – December 5, 2009

AUDUSD continues its sideways movement in a range between 0.8916 and 0.9404. Lengthier consolidation in the trading range is still possible next week. As long as 0.8916 support holds, another rise towards 0.9500 is possible after consolidation. However, below 0.8916 will confirm that the uptrend from 0.7703 has completed at 0.9404 level already, then the following pullback could take price 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