AUDUSD Daily Analysis – May 22, 2014

Being contained by 0.9202 support, AUDUSD rebounded from 0.9208. However, the rise would possibly be consolidation of the downtrend from 0.9408, as long as 0.9300 resistance holds, another fall to re-test 0.9202 support is possible, a breakdown below this level will signal resumption of the longer term downtrend from 0.9461, then the following downward movement could bring price to 0.8500 area. However, a break above 0.9300 resistance will indicate that sideways consolidation is underway, and the trading range would be between 0.9202 and 0.9408.

audusd chart