AUDUSD Weekly Analysis – December 27, 2015

AUDUSD moved sideways in a trading range between 0.6907 and 0.7439 for several months. Another rise to test 0.7439 would likely be seen in a couple of weeks, a break of this level will indicate that the long term downtrend from 0.9504 (Jul 1, 2014 high) had completed at 0.6907 already, then the following upward movement could bring price to 0.9000 area. On the downside, as long as 0.7439 resistance holds, the sideways movement would possibly be consolidation of the long term downtrend, another fall towards 0.6500 is still possible after consolidation.

audusd chart