AUDUSD Weekly Analysis – June 7, 2014

AUDUSD continued its sideways movement in a range between 0.9202 and 0.9461. Key support is at 0.9202, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 0.8660, one more rise to 0.9550 – 0.9600 area to complete the upward movement is still possible. On the downside, a breakdown below 0.9202 support will indicate that the uptrend had completed at 0.9461 already, then the following downward movement could bring price to 0.8500 zone.

audusd chart