AUDUSD Daily Analysis – May 19, 2014

AUDUSD continued its sideways movement in a range between 0.9318 and 0.9408. Key support is at 0.9318, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 0.9202, another rise to 0.9500 area is still possible after consolidation. However, a breakdown below 0.9318 support will indicate that the uptrend had completed at 0.9408 already, then the following downward movement could bring price to 0.9000 zone.

audusd chart