AUDUSD Weekly Analysis – February 2, 2014

AUDUSD remains in downtrend from 0.9756, the rise from 0.8660 could be treated as consolidation of the downtrend. Key resistance is at the upper line of the price channel on daily chart. As long as the channel resistance holds, the downtrend could be expected to resume, and next target would be at 0.8500 area. Only a clear break above the channel resistance could signal completion of the downtrend.

audusd chart