AUDUSD Daily Analysis – January 10, 2014

AUDUSD moved sideways in a range between 0.8820 and 0.9004 for several days. The price action in the range is likely consolidation of the downtrend from 0.9756 (Oct 23, 2013 high). One more rise to 0.9040 area to complete the consolidation would likely be seen. One the downside, as long as 0.9040 resistance holds, the downtrend could be expected to resume, and a breakdown below 0.8820 support will signal resumption of the downtrend.

audusd chart