AUDUSD Analysis – Feb 18, 2009

AUDUSD might be forming a cycle top at 0.6849 on daily chart. Key support is now at 0.6248, a break below this level will confirm the cycle top, and then deeper decline could be seen below 0.6008 level. Near term resistance is now at 0.6849, above this level will signal further rise towards 0.7267 previous high.

For long term analysis, AUDUSD has formed a cycle top at 0.7267 level on weekly chart. Consolidation in a range between 0.6008 and 0.7500 is expected in next several weeks.

audusd daily chart