AUDUSD Analysis – Nov 13, 2008

AUDUSD formed a cycle top at 0.7014 on daily chart. Pullback is expected to retest 0.6008 support, a break down below this level will signal deeper decline towards 0.5500 zone. Key resistance is now located at 0.7014, above this level will indicate that the down trend from 0.9849 (July 15 high) has completed.

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