AUDUSD Analysis – March 24, 2012

AUDUSD’s downward movement from 1.0855 extends to as low as 1.0336. Further fall could be seen next week, and next target would be at 1.0100 area. Resistance is at the downward trend line on daily chart, as long as the trend line resistance holds, downtrend will continue.

For long term analysis, AUDUSD has formed a cycle top at 1.0855 on weekly chart. Range trading between 0.9390 and 1.1080 is expected over the next several months.

audusd daily chart