AUDUSD Analysis – Nov 22, 2008

AUDUSD formed a cycle top at 0.7014 level, and the fall from 0.7014 is now treated as resumption of down trend. Further fall could be seen to 0.5500 zone in next several days. Key resistance is located at 0.7014, only rise above this level will indicate that the down trend from 0.9849 (July 15 high) has completed, and then rebound could be seen to 0.8000 level.

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