AUDUSD Daily Analysis – January 7, 2015

AUDUSD continued its sideways movement in a range between 0.8035 and 0.8214. As long as 0.8214 resistance 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. Support is at 0.8035, a breakdown below this level could signal resumption of the downtrend.

audusd chart