AUDUSD Analysis – February 25, 2012

AUDUSD broke below the price channel on daily chart. However, the fall from 1.0844 is likely consolidation of the uptrend from 0.9861, one more rise towards 1.1080 previous high is still possible. Key support is now at 1.0596, only break below this level could signal completion of the uptrend.

For long term analysis, AUDUSD had formed a cycle bottom at 0.9390 on weekly chart. Range trading between 0.9390 and 1.1080 is expected over the next several months.

audusd daily chart