AUDUSD Analysis – Mar 30, 2008

No changed in our view, AUDUSD is in down trend. Rebound from 0.8953 is treated as correction to the down trend. Deeper decline to retest 0.8512 previous low support is still possible after correction and a break of 0.8953 level will confirm such case.

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.

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audusd daily chart