AUDUSD Analysis – August 22, 2009

AUDUSD might be forming a cycle top at 0.8477 level on daily chart. Key support is now at 0.8155, a break below this level will confirm the cycle top and indicate that the uptrend from 0.7703 has completed. Then deeper decline could be seen to 0.7900-0.7950 area. Key resistance is at 0.8477, above this level will suggest that the uptrend from 0.7703 has resumed and further rally is expected to 0.8600 zone.

For long term analysis, AUDUSD has formed a cycle bottom at 0.6008 (2008 low) level on monthly chart. Further rise to 0.8300-0.8600 area is still possible.

audusd daily chart