AUDUSD Weekly Analysis – March 29, 2015

After touching 0.7912 resistance, AUDUSD pulled back into the trading range between 0.7560 and 0.7912, indicating that the pair remains in downtrend from 0.9504 (Jul 1, 2014 high), and the price action in the trading range could be treated as consolidation of the downtrend. Key resistance is at 0.8000, as long as this level holds, the downtrend could be expected to continue and next target would be at 0.7000 area.

audusd chart