AUDUSD stays in a trading range between 0.8577 and 0.9404

on May 15 2010 11:16 PM

AUDUSD stays in a trading range between 0.8577 and 0.9404. Sideways movement in the range could be expected to continue in a couple of weeks. Now a cycle bottom is being formed at 0.8715 level on daily chart. Key resistance is at 0.9080, a break above this level will confirm the cycle bottom, then another rise to 0.9200-0.9250 could be seen. Support is at 0.8715, only fall below this level could trigger deeper decline to 0.8000-0.8200 area.

For long term analysis, AUDUSD formed a cycle bottom at 0.8577 level on weekly chart. Sideways consolidation in a range between 0.8577 and 0.9404 would more likely be seen in next several weeks.

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