AUDUSD Daily Analysis – May 14, 2014

AUDUSD moved sideways in a trading range between 0.9318 and 0.9394. The sideways movement is likely consolidation of the uptrend from 0.9202. As long as 0.9318 support holds, the uptrend could be expected to resume, and next target would be at 0.9500 area. On the downside, a breakdown below 0.9318 support will indicate that the uptrend from 0.9202 had completed at 0.9394 already, then the following downward movement could bring price back to 0.9000 zone.

audusd chart