AUDUSD rebounds sharply from 0.6340 level

13 November 2008 @ 08:08 pm EDT

AUDUSD rebounds sharply from 0.6340 level, suggesting that a short term cycle bottom has been formed. Further rally is expected to retest 0.7014 previous high resistance, a break of this level will indicate that the fall from 0.9849 (July 15 high) has completed. Key support is now located at 0.6340, below this level will signal deeper decline below 0.6008 level.

For more forex information, go to www.forexcycle.com

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