AUDUSD Weekly Analysis – May 31, 2014

AUDUSD stays in a trading 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 from 0.8660 had completed at 0.9461 already, then the following downward movement could bring price back to to 0.8500 zone.

audusd chart