AUDUSD Analysis – October 27, 2012

AUDUSD has formed a cycle bottom at 1.0149 on daily chart. Further rise could be expected next week, and the target would be at 1.0500-1.0600 area. However, the price action from 1.0612 is treated as consolidation of the uptrend from 0.9581, one more fall to 1.0000 area to complete to consolidation would likely be seen.

For long term analysis, AUDUSD has formed a cycle bottom at 0.9581 on weekly chart. Further rise towards 1.1080 (Jul 27, 2011 high) previous high is expected over the next several months.

audusd daily chart