AUDUSD Weekly Analysis – December 1, 2013

AUDUSD continues its downward movement from 0.9756, and the fall extends to as low as 0.9140. Resistance is located at the falling trend line on daily chart, as long as the trend line resistance holds, further decline to test 0.8847 previous low support could be expected, a breakdown below this level will target 0.8500 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend from 0.9756 has completed, then the following upward move could bring price back to 1.0000 zone.

audusd daily chart