AUDUSD Weekly Analysis – November 16, 2014

AUDUSD moved sideways in a trading range between 0.8540 and 0.8910. The price action in the range is likely consolidation of the downtrend from 0.9504, as long as 0.8910 resistance holds, the downtrend could be expected to resume, and deeper decline to 0.8000 area is still possible. Only break above 0.8910 resistance could signal completion of the downtrend.

audusd chart