AUDUSD Analysis – June 23, 2012

AUDUSD may be forming a cycle top at 1.0223 on daily chart. Further decline would likely be seen next week, and next target would be at 0.9850 area. However, the fall from 1.0223 would possibly be consolidation of the uptrend from 0.9581, another rise towards 1.0700 is still possible after consolidation.

For long term analysis, AUDUSD may be forming a cycle bottom at 0.9581 on weekly chart. Further rise towards 1.0800 is expected over the next several months.

audusd daily chart