AUDUSD Analysis – Apr 16, 2008

AUDUSD may be forming a cycle top at 0.9346 on daily chart, but a break of the key support at 0.9031 is needed to confirm the cycle top. Key resistance is at 0.9496, only rise above this level will signal the resumption of the long term up trend.

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.

audusd daily chart