AUDUSD Weekly Analysis – February 7, 2016

AUDUSD’s bounce from 0.6826 extended to as high as 0.7242. Further rise to test 0.7439 resistance is possible next week. However, as long as 0.7439 resistance holds, the price action from 0.6907 could be treated as consolidation of the long term downtrend from 0.9504 (Jul 1, 2014 high), another fall towards 0.6500 could be expected after consolidation. Near term support is at 0.7000, a breakdown below this level could signal resumption of the downtrend.

audusd chart