AUDUSD Daily Analysis – January 6, 2015

AUDUSD moved sideways in a trading range between 0.8035 and 0.8214. Resistance is at 0.8214, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 0.8795 (Nov 17, 2014 high), another fall towards 0.7500 is still possible after consolidation. Only break above 0.8214 resistance could signal completion of the downtrend.

audusd chart