AUDUSD Analysis – April 1, 2012

AUDUSD stays below a downward trend line on daily chart, and remains in downtrend from 1.0855, and the fall has extended to as low as 1.0304. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.0100 area, only a clear break above the trend line could signal completion of the downtrend.

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