AUDUSD Weekly Analysis – August 30, 2014

AUDUSD failed to break below 0.9202 support, and stayed in the trading range between 0.9202 and 0.9504. As long as 0.9202 support holds, the price action in the range could be treated as consolidation of the uptrend from 0.8660, another rise to 1.0000 area could be expected after consolidation. On the downside, one more fall to re-test 0.9202 is possible next week, a breakdown below this level will signal completion of the uptrend, then the following downward movement could bring price to 0.8000 zone.

audusd chart