AUDUSD Analysis – September 10, 2011

AUDUSD has formed a cycle top at 1.0764 on daily chart. Deeper decline towards 0.9927 previous low is expected in a couple of weeks. Resistance is at 1.0764, only break above this level could trigger another rise towards 1.1080.

For long term analysis, AUDUSD has formed a cycle bottom at 0.9927 on weekly chart. Range trading between 0.9927 and 1.1080 would likely be seen in next several weeks.

audusd daily chart