AUDUSD Weekly Analysis – March 8, 2015

AUDUSD failed to break above the downward trend line on daily chart, indicating that the pair remains in downtrend from 0.9504 (Jul 1, 2014 high), and the bounce from 0.7625 could be treated as consolidation of the downtrend. Further decline would likely be seen, and next target would be at 0.7000 area. Key resistance is now at 0.7912, only break above this level could signal completion of the downtrend.

audusd chart