AUDUSD Analysis – Sep 3, 2008

AUDUSD’s down trend extends further to as low as 0.8269 level. Further fall to test the support of the up trend line from 0.4815 (Sep 2001 low) to 0.7675 (Aug 2007 low), now at 0.8195 level. If the trend line support gives way, next target would be at 0.8000 zone. Initial resistance is now at 0.8693, as long as this level holds, down trend will continue.

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 0.7800 is expected.

audusd daily chart

audusd weekly chart