AUDUSD Weekly Analysis – October 11, 2015

AUDUSD failed to break below 0.6907 support and continued its sideways movement in a range between 0.6907 and 0.7439. As long as 0.7439 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 0.9504 (Jul 1, 2014 high), one more fall towards 0.6500 is still possible after consolidation. Key resistance is at 0.7650, only break above this level could signal completion of the downtrend.

audusd chart