AUDUSD Weekly Analysis – August 9, 2015

AUDUSD remains in downtrend from 0.8162, the rise from 0.7233 is likely consolidation of the downtrend. Near term resistance is located at the top of the price channel on daily chart. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 0.6800 area. Only a clear break above the channel resistance could signal completion of the downtrend.

audusd chart