AUDUSD Daily Analysis – February 7, 2014

AUDUSD remains in uptrend from 0.8660. Further rise could be expected after a minor consolidation, and next target would be at 0.9040 area. Key resistance is at 0.9085, as long as this level holds, the price action from 0.8820 (Dec 18, 2013 low) could be treated as consolidation of the longer term downtrend from 0.9756 (Oct 23, 2013 high), another fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.9085 resistance will indicate that the downtrend from 0.9756 is complete, then the following upward movement could bring price to 0.9600 zone.

audusd chart