AUDUSD Analysis – October 22, 2011

AUDUSD’s upwards movement from 0.9390 extended to as high as 1.0376. Further rise is still possible next week, and next target would be at 1.0700. Support is at 1.0100, only break below this level could indicate that the rise from 0.9390 is complete.

For long term analysis, AUDUSD has formed a cycle bottom at 0.9390 on weekly chart. Further rise towards 1.1000 could be seen in next several weeks.

audusd daily chart