AUDUSD Daily Analysis – February 3, 2014

AUDUSD moved sideways in a range between 0.8660 and 0.8887. Key resistance is at 0.8887, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 0.9085, another fall towards 0.8500 is still possible. On the upside, a break above 0.8887 resistance will indicate that the downward movement from 0.9085 had completed, then further rise to 0.9000 area could be seen.

audusd chart