AUDUSD Weekly Analysis – December 13, 2015

AUDUSD failed to break above 0.7439 resistance, and continued its sideways movement in a range between 0.6907 and 0.7439. Another fall to test 0.6907 support would likely be seen in a couple of weeks, and a breakdown below this level will indicate that the long term downtrend from 0.9504 (Jul 1, 2014 high) has resumed, then next target would be at 0.6500 area. Key resistance is at 0.7439, only break above this level could signal completion of the long term downtrend.

audusd chart