AUDUSD Analysis – Mar 28, 2009

AUDUSD might be forming a cycle top at 0.7092 on daily chart. Key support is located at 0.6780, a clear break below this level will confirm the cycle top and then deeper decline could be seen to 0.6500 zone. Near term resistance is at 0.7092, only rise above this level will signal further rally to test 0.7267 previous high resistance.

For long term analysis, AUDUSD has formed a cycle top at 0.7267 level on weekly chart. Consolidation in a range between 0.6008 and 0.7500 is expected in next several weeks.

audusd daily chart