AUDUSD Analysis – May 1, 2010

Being contained by 0.9404 previous high resistance, AUDUSD pulled back from 0.9381, suggesting that a cycle top has been formed on daily chart. Deeper decline towards 0.9001 support is expected next week. However, the fall from 0.9381 is more likely consolidation of uptrend from 0.8577, as long as 0.9001 level holds, another rise to 0.9500 is still possible.

For long term analysis, AUDUSD formed a cycle bottom at 0.8577 level on weekly chart. Rise towards 0.9800 area is possible in next several weeks.

audusd daily chart