AUDUSD Weekly Analysis – December 29, 2013

AUDUSD stays below a downward trend line of daily chart and remains in downtrend from 0.9756. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8500 area. On the upside, a clear break above the trend line resistance will indicate that the downward movement from 0.9756 is complete, then the following upward move could bring price back to 0.9650 zone.

audusd chart