AUDUSD Analysis – Oct 11, 2008

AUDUSD breaks below 0.6775 (June 2004 low) long term support, and drops sharply to 0.6330 level. Deeper decline is still possible to 0.6000 zone next week. Initial resistance is located at 0.7150, as long as this level holds, down trend will continue.

For long term analysis, AUDUSD stays in long term bearish movement. Further fall towards 0.5500 zone is now in favor in next several weeks.

audusd daily chart