AUDUSD Analysis – Jan 17, 2009

AUDUSD drops sharply to as low as 0.6537 level. Deeper decline is still possible to test the support of the lower border of the price channel, now at 0.6300. Initial resistance is at 0.6810, rise above this level will signal further rally to 0.7000 zone.

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