AUDUSD Analysis – February 16, 2013

AUDUSD remains in downtrend from 1.0597, the rise from 1.0226 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.0100 area. Key resistance is now at 1.0375, only break above this level will indicate that a cycle bottom has been formed at 1.0226 on daily chart, and the fall from 1.0597 has completed, then the following upward movement could bring price to 1.0700 zone.

For long term analysis, AUDUSD is forming a sideways consolidation in a range between 0.9390 (Oct 4, 2011 low) and 1.1080 (July 27, 2011 high). Another rise towards 1.1080 previous high would likely be seen over the next several months.

audusd daily chart