AUDUSD Analysis – September 3, 2011

AUDUSD remains in uptrend from 0.9927. Further rise is still possible next week, and next target would be at 1.0900 area. Key support is at 1.0490, only break below this level will indicate that a cycle top has been formed at 1.0764 on daily chart, and the rise from 0.9927 has completed, then the following downward move could bring price back to 1.0100 zone.

For long term analysis, AUDUSD is forming a cycle bottom at 0.9927 on weekly chart. Range trading between 0.9927 and 1.1080 would likely be seen in next several weeks.

audusd daily chart