AUDUSD Analysis – May 28, 2011

AUDUSD remains in downtrend from 1.1011, the bounce from 1.0440 is treated as consolidation of downtrend. Another fall could be expected next week, and next target would be at 1.0250 zone. Key resistance is at 1.1011, only break above this level could indicate that the long term uptrend from 0.8066 (May 25, 2010 low) 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