AUDUSD Analysis – April 7, 2012

AUDUSD remains in downtrend from 1.0855. Further decline would likely be seen next week and next target would be at 1.0100 area. Resistance remains at the downward trend line on daily chart, 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