AUDUSD Analysis – Jan 3, 2009

AUDUSD is testing 0.7140 resistance, a break above this level will indicate that the uptrend from 0.6008 has resumed, and then further rally could be seen to 0.7500 zone. Near term support is at 0.6755, below this level will signal deeper decline to 0.6300-50 area.

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