AUDUSD Analysis – May 14, 2008

AUDUSD traded in range between 0.9275 and 0.9541. Deeper decline to retest 0.8953 support is still in favor and a break of 0.9275 will confirm such case. Key resistance is at 0.9541, only rise above this level will signal resumption of the long term up trend.

For long term analysis, AUDUSD broke above 0.9496 previous high and is back to long term up trend. Further rise to 1.0000 level is expected after consolidation.

audusd daily chart