AUDUSD Analysis – Jul 30, 2008

AUDUSD is testing 0.9475 support. A break below this level will signal further pullback towards 0.9327 previous low. However, the next cycle bottom on daily chart is nearing, rebound would more likely be seen before breaking below 0.9327 level.

For long term analysis, AUDUSD is in long term up trend. As long as 0.9327 support holds, we’d expect up trend to continue and further rise towards 1.0000 level is expected.

audusd daily chart