AUDUSD Analysis – December 31, 2011

AUDUSD’s rise from 0.9861 extended further to as high as 1.0267. As long as 1.0378 resistance holds, the rise is treated as correction of downtrend from 1.0378, and another fall towards 0.9390 previous low is still possible.

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