AUDUSD Analysis – August 18, 2013

AUDUSD is in consolidation of the downtrend from 1.0582. Range trading between 0.8847 and 0.9344 would likely be seen over the next several days. Key resistance is at 0.9344, as long as this level holds, the downtrend could be expected to resume, and one more fall towards 0.8500 is still possible. However, a break above 0.9344 resistance will indicate that the downtrend from 1.0582 had completed at 0.8847 already, then the following upward movement could bring price to 1.0300 zone.

audusd daily chart