AUDUSD Daily Analysis – November 3, 2014

AUDUSD continued its sideways movement in a range between 0.8642 and 0.8910. As long as 0.8910 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 0.9401 (Sept 5 high), another fall to 0.8400 area is possible after consolidation. Only break above 0.8910 resistance could signal completion of the downtrend.

audusd chart