AUDUSD Daily Analysis – February 23, 2015

AUDUSD is facing 0.7875 resistance, as long as this level holds, the price action in the trading range between 0.7625 and 0.7875 could be treated as consolidation of the downtrend from 0.8294 (Jan 15 high), another fall towards 0.7000 is still possible 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