AUDUSD Daily Analysis – February 24, 2015

AUDUSD failed to break above 0.7875 resistance, and stayed in the trading range between 0.7625 and 0.7875. Another fall to test 0.7625 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 0.8294 (Jan 15 high), then the following downward movement could bring price to 0.7000 area. Resistance is at 0.7875 only break above this level will indicate that lengthier consolidation for the downtrend is underway, then further rise to 0.8000 area could be seen.

audusd chart