AUDUSD Analysis – September 17, 2011

AUDUSD remains in downtrend from 1.0764. Deeper decline towards 0.9927 previous low is still possible next week. Resistance is at 1.0450, only break above this level could bring price back towards 1.1080 previous high.

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