AUDUSD Analysis – May 24, 2008

AUDUSD’s up trend remains and the pullback from 0.9653 is treated as consolidation to the up trend. Further rise to 1.0000 area is expected after consolidation. Initial support is at 0.9510, and followed by the up trend line from 0.8953 to 0.9291, as long as the trend line 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