AUDUSD Weekly Analysis – December 22, 2013

AUDUSD broke below 0.8847 previous low support, suggesting that the downtrend from 1.0582 (Apr 11 high) has resumed. Further decline could be expected, and next target would be at 0.8500 area. Initial resistance is located at the downward trend line on daily chart, as long as the trend line resistance holds, the downtrend from 0.9756 will continue. On the upside, a clear break above the trend line resistance will indicate that lengthier consolidation of the downtrend from 1.0582 is underway, then the pair will find resistance around 0.9650.

audusd daily chart