AUDUSD Daily Analysis – May 29, 2014

AUDUSD stays in a narrow range between 0.9208 and 0.9277. As long as 0.9277 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 0.9408, further decline to 0.9000 area is still possible after consolidation. However, a break above 09277 resistance will indicate that the downward movement from 0.9408 had completed, then the following upward movement could bring price to 0.9360 area.

audusd chart