AUDUSD Analysis – Jul 2, 2008

AUDUSD broke above 0.9653 resistance and reached 0.9667 only. Key support is located at 0.9493, a break below this level will indicate that a cycle top has been formed at 0.9667 on daily chart, and deeper decline could be seen to retest 0.9275 level. As long as the pair stays above 0.9493, we’d expect uptrend to resume, and a break of 0.9667 level will confirm the resumption of up trend.

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