AUDUSD Analysis – May 26, 2012

AUDUSD’s downward movement from 1.0855 extends to as low as 0.9589. Further decline could be expected next week, and next target would be at 0.9500 area. Key resistance is at 1.0000, a break above this level will indicate that the downward movement has completed, then the following upward move could bring price back to 1.0600 zone.

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