AUDUSD Daily Analysis – January 22, 2014

AUDUSD remains in downtrend from 0.9085, the rise from 0.8756 is likely consolidation of the downtrend. Resistance is at 0.8920, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.8500 is still possible. On the upside, a break above 0.8920 resistance will indicate that lengthier consolidation of the longer term downtrend from 0.9756 (Oct 23, 2013 high) is underway, and the target would be at 0.9000 zone.

audusd chart