AUDUSD Analysis – Aug 6, 2008

AUDUSD’s down trend remains, and the fall from 0.9849 extends further to as low as 0.9132 level. Deeper decline to test 0.8953 (Mar 20 low) could be expected in next few days. Initial resistance is at 1.9275, only break above this level will signal consolidation to down trend.

For long term analysis, AUDUSD broke below 0.9327 key support and formed a cycle top at 0.9849 on weekly chart. Deeper decline to 0.8750 is expected.

audusd daily chart