AUDUSD Daily Analysis – October 29, 2014

AUDUSD is facing 0.8898 resistance, a break of this level will indicate that the downtrend from 0.9401 (Sept 5 high) had completed at 0.8642 already, then further rise to 0.9000 area could be seen. On the downside, as long as 0.8898 resistance holds, the price action in the trading range between 0.8642 and 0.8898 could be treated as consolidation of the downtrend, another fall to 0.8400 area is still possible.

audusd chart