AUDUSD Analysis – Mar 1, 2008

AUDUSD is forming a cycle top at 0.9496 on daily chart, key support is at the rising price channel, a break of the channel support will confirm the cycle top, and pullback to 0.8600 area is expected to follow. Near term resistance is at 0.9496, only break of this level will signal the resumption of the up trend.

For long term analysis, AUDUSD is forming a long term cycle top at 0.9496 level. Sideways consolidation in a range between 0.8512 and 0.9496 is expected.

audusd daily chart