AUDUSD Analysis – Dec 27, 2008

AUDUSD is forming a cycle top at 0.7140 level on daily chart. Pullback towards 0.6300 is expected in a couple of weeks. Initial resistance is located at 0.7140, only rise above this level will signal further rally towards 0.7500 level.

For long term analysis, AUDUSD formed a cycle bottom at 0.6008 level on weekly chart. Consolidation in a range between 0.6008 and 0.7500 is possible in next several weeks.

audusd daily chart