AUDUSD Daily Analysis – February 3, 2015

AUDUSD remains in downtrend from 0.8294, the rise from 0.7719 is likely consolidation of the downtrend. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.7500 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

audusd chart