AUDUSD Daily Analysis – January 12, 2015

AUDUSD broke above 0.8214 resistance, indicating that consolidation of the downtrend from 0.8910 (Oct 29, 2014 high) is underway. Further rally is still possible, and the target would be at 0.8300 area. However, as long as 0.8300 resistance holds, the downtrend could be expected to resume, and another fall towards 0.7500 is still possible after consolidation.

audusd chart