AUDUSD Analysis – Mar 22, 2008

AUDUSD is in down trend. The fall from 0.9496 extends to as low as 0.8953 level. Deeper decline to retest 0.8512 previous low support is still in favor. Near term resistance is now at 0.9330, as long as this resistance holds, down trend will continue.

For long term analysis, AUDUSD formed a long term cycle top at 0.9496 on weekly chart. Sideways consolidation in a range between 0.8512 and 0.9496 could be seen.

audusd daily chart