AUDUSD Analysis. Feb 6, 2008

AUDUSD is in up trend, the rise from 0.8512 extended to as high as 0.9100, and the fall from 0.9100 is treated as consolidation to the up trend. Further rise towards 0.9398 previous high could still be seen after consolidation. Near term support is at 0.8819, as long as this support holds, up trend will continue.

For long term analysis, AUDUSD is in consolidation to the long term up trend, Rise towards 1.0000 to reach the next cycle top on weekly chart is still possible after consolidation, and a break above 0.9398 level will signal the resumption of the long term up trend.

audusd daily chart