AUDUSD Analysis – December 8, 2012

AUDUSD’s upward movement from 1.0149 extends to as high as 1.0515. Further rise is still possible next week, and next target would be at 1.0550 area. Key support remains at the lower line of the price channel on daily chart, only a clear break below the channel support will indicate that the uptrend from 1.0149 is complete, then the following downward movement could bring price back to 1.0000 area.

For long term analysis, AUDUSD has formed a cycle top at 1.0624 on weekly chart. Further decline to 0.9800 area could be expected over the next several weeks.

audusd daily chart