AUDUSD Analysis – March 3, 2012

AUDUSD moved sideways in a range between 1.0596 and 1.0844. Key support is at 1.0596, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 0.9663, one more rise towards 1.1080 previous high is still possible. On the downside, a breakdown below 1.0596 will indicate that the rise from 0.9861 has completed, then the following downward move could bring price back to 0.9500 area.

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