AUDUSD Analysis – December 15, 2012

AUDUSD stays within a upward price channel on daily chart, and remains in uptrend from 1.0149. Key support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.0700 area, only a clear break below the channel support could signal completion of the uptrend.

For long term analysis, AUDUSD is forming a sideways consolidation in a range between 0.9390 (Oct 4, 2011 low) and 1.1080 (July 27, 2011 high). Further rise towards 1.1080 previous high would likely be seen over the next several weeks.

audusd daily chart