AUDUSD Daily Analysis – February 28, 2014

After touching 0.8906 support, AUDUSD rebounded to 0.8971, indicating that the pair remains in consolidation of the uptrend from 0.8660. The sideways movement in a range between 0.8906 and 0.9080 could be expected to continue in a couple of days. Key resistance is at 0.9080, a break above this level could signal resumption of the uptrend, then next target would be at 0.9400 area. Support is at 0.8906, only break below this level could trigger another fall towards 0.8500.

audusd chart