AUDUSD Daily Analysis – May 28, 2014

AUDUSD continued its sideways movement in a narrow range between 0.9208 and 0.9277. The price action in the range is likely consolidation of the downtrend from 0.9408, as long as 0.9277 resistance holds, the downtrend could be expected to resume, and next target would be at 0.9000 area. On the upside, a break above 0.9277 will suggest that the downtrend from 0.9408 had completed at 0.9208 already, then the following upward movement could bring price to 0.9360 area.

audusd chart