AUDUSD Weekly Analysis – May 4, 2014

AUDUSD broke below the lower line of the price channel on daily chart, indicating that the uptrend from 0.8660 had completed at 0.9461 already. Further decline would likely be seen over the next several weeks, and next target would be at 0.8850 area. Resistance is at 0.9380, only break above this level could trigger another rise to 0.9550 – 0.9600 area.

audusd chart