AUDUSD Analysis – May 31, 2008

No changed in our view, AUDUSD is in up trend. Pullback from 0.9653 is treated as consolidation to the up trend. Further rally to 1.0000 area is expected after consolidation and a break of 0.9653 level will signal resumption of the up trend. 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, we’d expect up trend to 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