AUDUSD Weekly Analysis – December 8, 2013

AUDUSD stays below a downward trend line on daily chart, and the fall extends to as low as 0.8990. Further decline to test 0.8847 support would likely be seen, a break down below this level will signal resumption of the longer term downtrend from 1.0582, then next target would be at 0.8000 area. On the upside, a clear break above the trend line resistance will indicate that the downward movement from 0.9756 is complete, then another rise towards 1.0000 could be seen.

audusd daily chart