AUDUSD Analysis – June 2, 2012

AUDUSD continues its downward movement from 1.0855, and the fall extends to as low as 0.9581. Further decline is still possible next week, and next target would be at 0.9450 area. Key resistance is at 0.9900, only break above this level could signal completion of the downtrend.

For long term analysis, AUDUSD has formed a cycle top at 1.0855 on weekly chart. Range trading between 0.9390 and 1.1080 is expected over the next several months.

audusd daily chart