AUDUSD Daily Analysis – February 20, 2015

AUDUSD stayed in the trading range between 0.7625 and 0.7875. As long as 0.7875 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 0.8294 (Jan 15 high), another fall towards 0.7000 could be expected after consolidation. However, a break of 0.7875 resistance will indicate that lengthier consolidation for the downtrend is underway, then further rise to 0.8000 area could be seen.

audusd chart