AUDUSD Analysis – May 21, 2011

AUDUSD is now in downtrend from 1.1011. Further fall could be expected next week, and next target would be at 1.0200-1.0300 area. Key resistance is at 1.1011, only break above this level could indicate that the long term uptrend has resumed.

For long term analysis, AUDUSD had formed a cycle top at 1.1011 level on weekly chart. Deeper decline could be seen in next several weeks, and target is at 0.9500 area.

audusd daily chart