AUDUSD Analysis – Sep 27, 2008

AUDUSD is in up trend, and the fall from 0.8519 is treated as consolidation to up trend. Initial support is at 0.8075, as long as this level holds, we’d expect up trend to resume and further rise is still possible to 0.8800 zone after consolidation.

For long term analysis, AUDUSD formed a cycle bottom at 0.7802 on weekly chart. Consolidation in a range between 0.7802 and 0.9849 could be seen in next few months.

audusd daily chart