AUDUSD Daily Analysis – May 16, 2014

AUDUSD moved sideways in a range between 0.9318 and 0.9408. As long as 0.9318 support holds, the price action in the range could be treated as consolidation of the uptrend from 0.9202, another rise to 0.9500 area is still possible after consolidation. On the downside, a breakdown below 0.9318 support will indicate that the uptrend had completed at 0.9408 already, then the following downward movement could bring price to 0.9000 zone.

audusd chart