AUDUSD Analysis – December 19, 2009

AUDUSD broke below 0.8916 key support, suggesting that the uptrend from 0.7703 has completed at 0.9404 already. Deeper decline is now in favor and next target would be at 0.8650-0.8700 area. Resistance is at 0.9150, as long as this level holds, downtrend from 0.9404 will continue.

For long term analysis, AUDUSD has formed a cycle top at 0.9404 level on weekly chart. Fall towards 0.8500 area is expected in next several weeks.

audusd daily chart

audusd weekly chart