AUDUSD Daily Analysis – April 3, 2014

AUDUSD moved sideways in a narrow range between 0.9213 and 0.9303. Support is at 0.9213, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 0.8995, another rise towards 0.9400 could be expected after consolidation. On the downside, a breakdown below 0.9213 support will indicate that lengthier consolidation of the longer term uptrend from 0.8890 (Mar 3 low) is underway, then deeper decline to 0.9160 area could be seen.

audusd chart