AUDUSD Analysis – July 23, 2011

AUDUSD broke above 1.0798 resistance and continued its upward move from 1.0390. Further rise towards 1.1011 is expected in a couple of weeks, a break above this level will signal resumption of the long term uptrend from 0.8066 (2010 low).

For long term analysis, AUDUSD may be forming a cycle bottom at 1.0390 on weekly chart. Key resistance is at 1.1011, a break above this level will target 1.2000 area.

audusd daily chart