AUDUSD Analysis – Jul 12, 2008

AUDUSD broke above 0.9667 previous high resistance and recorded a new high at 0.9716 level. Further rise to 0.9800 is still possible next week. Initial support is at the up trend line from 0.9327 to 0.9475, break below the trend line support will signal consolidation.

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