AUDUSD Analysis – December 24, 2011

AUDUSD is in downtrend from 1.0378, the rise from 0.9861 would possibly be correction of downtrend. Another fall towards 0.9390 previous low would likely be seen after correction, and a breakdown below 0.9861 could signal resumption of downtrend.

For long term analysis, AUDUSD had formed a cycle bottom at 0.9390 on weekly chart. Range trading between 0.9390 and 1.1080 is expected over the next several weeks.

audusd daily chart