AUDUSD Analysis – April 21, 2012

AUDUSD is forming a cycle bottom at 1.0225 on daily chart. Further rally would likely be seen next week, and the target would be at 1.0550-1.0600 area. However, the rise would possibly be consolidation of the downtrend from 1.0855, another fall is still possible after consolidation, and a breakdown below 1.0225 could signal resumption 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