AUDUSD Analysis – March 23, 2013

AUDUSD is now in uptrend from 1.0115. Support is at 1.0340, as long as this level holds, further rise could be expected next week, and next target would be at 1.0600 area, only break below 1.0340 support level could signal completion of the uptrend.

For long term analysis, AUDUSD has formed a cycle bottom at 1.0115 on weekly chart. Further rise towards 1.1080 (Jul 27, 2011 high) could be expected over the next several months.

audusd daily chart