AUDUSD Analysis – Jan 15, 2009

AUDUSD breaks below 0.6755 key support and reaches as low as 0.6560 level. Deeper decline is now in favor, target would be at the bottom border of the price channel on daily chart, now at 1.6285 level. Initial resistance is located at 0.6810, rise above this level will indicate that the fall form 0.7267 has completed.

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