AUDUSD Analysis – July 30, 2011

AUDUSD broke above 1.1011 previous high and reached as high as 1.1080. Minor consolidation would likely be seen, and the trading range would be between 1.0850 and 1.1080. On the upside, a break above 1.1080 will signal resumption of uptrend from 1.0390, then the next target would be at 1.1300 zone.

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