AUDUSD Analysis – Nov 30, 2008

Being contained by the previous low support at 0.6008, AUDUSD rebounds from 0.6075 level, suggesting that the pair is back to range trading between 0.6008 and 0.7014. Further rise is expected to test 0.7014 resistance in next several days. A break above this level will indicate that the down trend from 0.9849 (July 15 high) has completed, and then the following up trend will take price back to 0.7800 zone.

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