AUDUSD Analysis – May 7, 2011

AUDUSD dropped sharply from 1.1011, suggesting that the upward movement from 0.9704 had completed at 1.1011 already. Deeper decline would likely be seen after consolidation, and target would be at 1.0300 area.

For long term analysis, AUDUSD might be forming a cycle top at 1.1011 level on weekly chart. Key support is at 1.0390, a break below this level will confirm that cycle top.

audusd daily chart
audusd weekly chart