AUDUSD Analysis – June 9, 2013

AUDUSD remains in downtrend from 1.0582, and the fall extends to as low as 0.9429. Further decline is still possible, and next target would be at 0.9200 area. Key resistance is at 0.9800, only break above this level could signal completion of the downtrend.

For long term analysis, AUDUSD formed a sideways consolidation in a range between 0.9390 (Oct 4, 2011 low) and 1.1080 (Jul 27, 2011 high). Deeper decline to 0.9000 area could be expected over the next several weeks.

audusd daily chart