AUDUSD Analysis – Aug 30, 2008

AUDUSD is in down trend, and rebound from 0.8493 is treated as consolidation to down trend. Further fall is still possible to 0.8400 level after consolidation. Key resistance is now located at 0.8812, break above this level will signal reversal to down trend, and then rise towards 0.9000 could be seen.

For long term analysis, AUDUSD broke below 0.9327 key support and formed a cycle top at 0.9849 on weekly chart. Deeper decline towards 0.8400 is expected.

audusd daily chart