AUDUSD Analysis – Oct 25, 2008

AUDUSD breaks below 0.6330 previous low and the downtrend from 0.9849 extends further to as low as 0.6056 level. Deeper decline is still possible to 0.5700 zone next week. Initial resistance is at 1.6500, as long as the pair stays below this level, downtrend will continue.

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

audusd daily chart