AUDUSD Weekly Analysis – May 17, 2014

AUDUSD moved sideways in a range between 0.9202 and 0.9461. As long as 0.9202 support holds, the price action in the range could be treated as consolidation of the uptrend from 0.8660, one more rise to 0.9550 – 0.9600 area to complete the upward movement is still possible. However, a breakdown below 0.9202 support will indicate that the uptrend had completed at 0.9461 already, then the following downward move could bring price to 0.8500 zone.

audusd chart