AUDUSD Weekly Analysis – May 3, 2015

AUDUSD broke above 0.7938 resistance, indicating that the downtrend from 0.9504 (Jul 1, 2014 high) had completed at 0.7532 already. The pair is now in uptrend, further rise could be expected over the next several weeks, and next target would be at 0.8800 area. Support is at 0.7532, only break below this level could trigger another fall towards 0.7000.

audusd chart