AUDUSD failed to break above 0.9344 key resistance and stays in a trading range between 0.9037 and 0.9344. As long as 0.9344 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), another fall towards 0.8500 could be expected after consolidation. On the upside, a break above 0.9344 resistance will indicate that the downtrend had completed at 0.9037 already, then the following upward movement could bring price to 0.9800 zone.
Provided by ForexCycle.com