AUDUSD broke above 1.0255 previous high and reached as high as 1.0293. Further rise is still possible next week, and next target would be at 1.0400-1.0500 area. Key support is now at 0.9704, only break below this level will indicate that the uptrend from 0.8066 (May 25, 2010 low) is complete.
For long term analysis, AUDUSD had formed a cycle bottom at 0.9537 level on weekly chart. Further rise to 1.1000 area is expected in next several weeks.
