AUDUSD Weekly Analysis – October 9, 2016

AUDUSD failed to break above 0.7755 resistance, and stayed in the trading range between 0.7441 and 0.7755. Sideways movement in the range could be seen in a couple of weeks. Support is at 0.7441, a breakdown below this level will indicate that the uptrend from 0.7144 had completed at 0.7755 already, then the following downward movement could bring price back to 0.6900 zone. On the upside, as long as 0.7441 support holds, the price action in the trading range could be treated as consolidation of the uptrend, and further rise to 0.8000 area is still possible.

audusd chart