AUDUSD Analysis – February 23, 2013

AUDUSD’s fall from 1.0597 extends to as low as 1.0220. Key resistance is at 1.0400, as long as this level holds, another fall is possible next week, and next target would be at 1.0000. However, a break above 1.0400 will indicate that the downward movement from 1.0597 has completed at 1.0220 already, then the following upward move 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