AUDUSD Analysis – September 9, 2012

AUDUSD bounces strongly from 1.0167, suggesting that a cycle bottom has been formed on daily chart. Further rise could be expected after a minor consolidation, and next target would be at 1.0500 area. Key support is at 1.0167, only break below this level could trigger another fall towards 0.9700 area.

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