AUDUSD Weekly Analysis – January 31, 2015

AUDUSD’s downward movement from 0.9504 (Jul 1, 2014 high) extended to as low as 0.7719. Further decline could be expected after a minor consolidation, and next target would be at 0.7500 area. Resistance is located at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

audusd chart