AUDUSD Weekly Analysis – May 29, 2016

AUDUSD’s downward movement from 0.7834 extended to as low as 0.7144. Further decline is still possible after a minor consolidation, and next target would be at 0.7000 area. Near term resistance is at 0.7300, only break above this level will indicate that the downward movement is complete, then the following upward movement could bring price back to 0.7450 zone.

audusd chart