AUDUSD Analysis – May 17, 2008

AUDUSD breaks above 0.9541 previous high and up trend from 0.8953 resumes. Further rise to 1.0000 is now in favor. Initial support is at the up trend line and followed by 0.9275, as long as 0.9275 support holds, up trend will continue.

For long term analysis, AUDUSD broke above 0.9496 previous high and is back to long term up trend. Further rise to 1.0500 level is expected.

audusd daily chart