AUDUSD Analysis – Oct 18, 2008

AUDUSD remains in down trend. The rebound from 0.6330 is treated as correction to down trend. Deeper decline is still possible to 0.6000 zone after correction. Initial resistance is now located at 0.7425, only rise above this level will signal reversal to down trend.

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

audusd daily chart