AUDUSD Analysis – Jun 22, 2008

AUDUSD formed a cycle bottom at 0.9327 on daily chart. Further rise above 0.9653 previous high resistance is now in favor. Key support is now at 0.9327, only break down below this level will indicate lengthier consolidation is underway, and then deeper decline to 0.9100 area is expected to follow.

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