AUDUSD Weekly Analysis – February 21, 2016

AUDUSD stayed in a trading range between 0.6826 and 0.7439 for several months. Key resistance is at 0.7439, as long as this level holds, the price action in the range 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. On the upside, a break of 0.7439 resistance will indicate that the downtrend had completed at 0.6826 already, then the following upward movement could bring price to 0.9000 area.

audusd chart