AUDUSD Weekly Analysis - July 5, 2014

Long Term Forex Analysis | by ForexCycle.com | Saturday, 05 July 2014 12:13 UTC
After breaking above 0.9461 resistance, AUDUSD pulled back from 0.9504, indicating that lengthier consolidation of the uptrend from 0.8660 is underway. Deeper decline to test 0.9202 support would likely be seen next week, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.0000 is still possible. On the downside, a breakdown below 0.9202 support will indicate that the uptrend from 0.8660 had completed at 0.9504 already, then the following downward movement could bring price back to 0.8000 area.

audusd chart

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