AUDUSD Analysis – August 29, 2010

AUDUSD might be forming a cycle bottom at 0.8771 level on daily chart. Further rally to test 0.9079 key resistance is expected next week, a break above this level will confirm the cycle bottom, then another rise towards 0.9849 (2008 high) could be seen. Support is at 0.8771, only break below this level will trigger another fall to 0.8600 zone.

For long term analysis, AUDUSD has formed a cycle bottom at 0.8066 level on weekly chart. Rise towards 0.9849 (2008 high) is expected in next several weeks.

audusd daily chart