AUDUSD Analysis – Apr 19, 2008

AUDUSD is moving to 0.9450 area to reach the next cycle top on daily chart. Key support is now located at 0.9205, a break down below this level will confirm the cycle top. Long term key resistance is at 0.9496, as long as this resistance holds, we’d expect down trend to resume and pullback to retest 0.8953 is in favor.

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