AUDUSD Analysis – February 12, 2011

Being contained by 1.0255 previous high resistance, AUDUSD dropped from 1.0199, suggesting lengthier consolidation of uptrend is underway. Deeper decline could be expected in a couple of weeks and target would be at 0.9600-0.9700 area.

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.

audusd daily chart