AUD/USD Analysis - September 15, 2012 Update

AUD/USD Analysis - September 15, 2012 Update

AUD/USD breaks above 1.0612 resistance and reaches as high as 1.0624, suggesting that the uptrend from 0.9581 has resumed. Further rise could be expected next week, and next target would be at 1.0800 area. Support is at 1.0400, only break below this level could indicate that lengthier consolidation of the uptrend is underway, then deeper decline to test 1.0167 key support could be seen.

For long term analysis, AUDUSD has formed a cycle bottom at 0.9581 on weekly chart. Further rise towards 1.1080 (Jul 27, 2011 high) previous high is expected over the next several months.

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