AUDUSD Analysis – August 25, 2012

AUDUSD breaks below the lower line of the price channel on daily chart, suggesting that lengthier consolidation of the uptrend from 0.9581 is underway, deeper decline would likely be seen next week, and next target would be at 1.0250 area. Resistance levels are at 1.0545 and 1.0612, only break above these levels could trigger another rise towards 1.0800.

For long term analysis, AUDUSD has formed a cycle bottom at 0.9581 on weekly chart. Further rise towards 1.0800 is expected over the next several months.

audusd daily chart