AUDUSD Analysis – October 6, 2012

AUDUSD’s fall from 1.0624 extends to as low as 1.0151. Deeper decline is still possible next week, and the target would be at 1.0000-1.0050 area. However the price action from 1.0512 is likely consolidation of the uptrend from 0.9581, another rise towards 1.1080 previous high resistance is still possible after consolidation.

For long term analysis, AUDUSD has formed a cycle bottom at 0.9581 on weekly chart. Further rise towards 1.1080 (Jul 27, 2011 high) previous high is expected over the next several months.

audusd daily chart