AUDUSD Analysis – Mar 7, 2009

AUDUSD is in medium term downtrend from 0.7267. Deeper decline is possible to 0.6100 zone next week. Initial resistance is now at 0.6553, as long as this level holds, we’d expect the downtrend to continue.

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