AUDUSD Weekly Analysis – October 12, 2014

After touching 0.8660 (Jan 24 low) support, AUDUSD rebounded from 0.8642, indicating that consolidation of the downtrend from 0.9504 is underway. Range trading between 0.8642 and 0.8950 would likely be seen in a couple of weeks. Support is at 0.8642, a breakdown below this level will signal resumption of the downtrend, then next target would be at 0.8200 area.

audusd chart