AUDUSD Analysis – May 3, 2008

AUDUSD formed a cycle top at 0.9541 on daily chart. Deeper decline to retest 0.8953 previous low support is expected to follow. Key resistance is at 0.9541, only rise above this level will signal resumption of the long term up trend.

For long term analysis, AUDUSD broke above 0.9496 previous high and is back to long term up trend. Further rise to 1.0000 level is expected after consolidation.

audusd daily chart