AUDUSD Analysis – Dec 13, 2008

AUDUSD continues to sideways consolidation in a range between 0.6008 and 0.7014. further rise to test 0.7014 resistance is possible next week. 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 might be forming a cycle bottom at 0.6008 level on weekly chart. Key resistance is now located at 0.7014, a break above this level will confirm the cycle bottom.

audusd daily chart

audusd weekly chart