AUDUSD Analysis – August 4, 2012

AUDUSD remains in uptrend from 0.9581. Further rise could be expected next week, and next target would be at 1.0700 area. Support is now located at the upward tend line on daily chart, only a clear break below the trend line could signal completion of the uptrend.

For long term analysis, AUDUSD has formed a cycle bottom at 0.9581 on weekly chart. Further rise towards 1.0800 is expected over the next several months.

audusd daily chart