AUDUSD Analysis – January 23, 2010

AUDUSD failed to break above 0.9404 resistance and pulled back from 0.9327 level, suggesting that a cycle top had been formed on daily chart. Pullback towards 0.8734 previous low would more likely be seen next week.

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