AUDUSD Daily Analysis – January 8, 2015

AUDUSD remains in downtrend from 0.8795 (Nov 17, 2014 high), the price action in the trading range between 0.8035 and 0.8214 could be treated as consolidation of the downtrend. Further decline could be expected after consolidation, and next target would be at 0.7800 area. Key resistance is at 0.8214, only break above this level could signal completion of the downtrend.

audusd chart