AUDUSD Weekly Analysis - February 7, 2016

Long Term Forex Analysis | by ForexCycle.com | Sunday, 07 February 2016 05:47 UTC
AUDUSD's bounce from 0.6826 extended to as high as 0.7242. Further rise to test 0.7439 resistance is possible next week. However, as long as 0.7439 resistance holds, the price action from 0.6907 could be treated as consolidation of the long term downtrend from 0.9504 (Jul 1, 2014 high), another fall towards 0.6500 could be expected after consolidation. Near term support is at 0.7000, a breakdown below this level could signal resumption of the downtrend.

audusd chart

Recommended Forex Trading Platforms

Forex Trading We know that the right opportunity can happen at anytime, anywhere. Saxo Capital Markets is committed to giving you a suite of platforms that will enable you to access your account and trade the markets whenever and wherever you want.


Subscribe to Newsletter

To receive alerts by email when Free Forex Analysis are updated. Enter your email address below.