AUDUSD Analysis – Aug 9, 2008

AUDUSD broke below 0.8953 (Mar 20 low) previous low support and reached as low as 0.8866 level. Further fall to 0.8700 to reach next cycle bottom on daily chart is still possible next week and the next cycle bottom is nearing. Key resistance is now located at 0.9100, a break above this level will confirm the cycle bottom.

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 0.8700 is expected.

audusd daily chart

audusd weekly chart

audusd monthly chart