AUDUSD Analysis – Jun 7, 2008

AUDUSD traded in range between 0.9486 and 0.9653. A break of 0.9653 will signal resumption of up trend, and further rise to 0.9800 area to reach the next cycle top on daily chart is expected to follow. Near term support is at 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 is in long term up trend. As long as 0.8953 support holds, we’d expect up trend to continue and further rise to 1.0500 level is in favor.

audusd daily chart