AUDUSD Analysis – Jul 9, 2008

AUDUSD is forming a cycle top at 0.9667 on daily chart. Key support is at 0.9493, a break below this level will confirm the cycle top. As long as the pair stays above 0.9493, we’d expect uptrend to resume, and a break of 0.9667 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