AUD/USD moved sideways in a trading range between 0.7532 and 0.7938. As long as 0.7938 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 0.9504 another fall to 0.7000 area is still possible after consolidation. Key resistance is now at 0.7952 , only break above this level could signal completion of the downtrend.

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk