AUDUSD Analysis – July 20, 2013

AUDUSD remains in downtrend from 1.0582, the rise from 0.8998 could be treated as consolidation of the downtrend. Key resistance is at 0.9344, as long as this level holds, the downtrend could be expected to resume, and one more fall to 0.8500 is still possible. On the upside, a break above 0.9344 will indicate that the downtrend from 1.0582 had completed at 0.8998 already, then the following upward movement could bring price back to 1.0000 zone.

audusd daily chart