AUDUSD Analysis – Jul 16, 2008

AUDUSD’s up trend extends further to as high as 0.9849 level. Further rise towards 1.0000 level is now in favor. Initial support is at the up trend line from 0.9327 to 0.9475, only fall below the trend line support will signal consolidation to 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 expected.

audusd daily chart