AUDUSD Analysis – Dec 6, 2008

AUDUSD stays in the trading range between 0.6008 and 0.7014. Further rebound is still possible 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 bring price back to 0.7800 zone. Initial support is at 0.6008 level only fall below this level will signal deeper decline towards 0.5500 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