AUDUSD Analysis – Dec 18, 2008

AUDUSD breaks above 0.7014 key resistance, suggesting that the down trend from 0.9849 (July 15 high) has completed. Further rise towards 0.7500 to reach the next cycle top on daily chart could be seen in next several days.

For long term analysis, AUDUSD formed a cycle bottom at 0.6008 level on weekly chart. Rebound towards 0.8000 zone is expected in next several weeks.

audusd daily chart

audusd weekly chart