AUDUSD Analysis – Jun 4, 2008

AUDUSD is in correction to up trend. Further pullback to test the up trend line from 0.8953 to 0.9291 is possible in a couple of days. As long as the trend line support holds, we’d expect up trend to resume and a break of 0.9653 level will signal resumption of the up trend.

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

audusd daily chart