AUDUSD broke above 0.9404
Saturday, September 18, 2010
, Posted by Usman Ali Minhas at 1:01 PM
International Trading
AUDUSD broke above 0.9404 (2009 high). Further rise is still possible next week and next target would be at 0.9600 area. Support is at 0.9240, as long as this level holds, uptrend from 0.8771 could be expected to continue. However, a breakdown below 0.9240 level will indicate that a cycle top has been formed on daily chart, then pullback to the lower border of the rising price channel could be seen to follow.
For long term analysis, AUDUSD has formed a cycle bottom at 0.8066 level on weekly chart. Rise towards 0.9849 (2008 high) is still possible in a couple of weeks.Weekly Forex Forecast
