AUDUSD Weekly Analysis – August 17, 2014

AUDUSD is testing 0.9202 support, a breakdown below this level will signal completion of the uptrend from 0.8660, then further following downward movement could bring price to 0.8000 area. On the upside, as long as 0.9202 support holds, the price action in the trading range between 0.9202 and 0.9504 could be treated as consolidation of the uptrend from 0.8660, another rise towards 1.0000 is still possible after consolidation.

audusd chart