AUDUSD Weekly Outlook May 4th 2015

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD             Daily Time Frame

Price is oscillating between the support and resistance zones. There are multiple scenarios:

1. 0.7840 zone is currently acting as an important support level and we may see price go all the way back up to 0.8063 zone.

2. Price may still drop lower to 0.7698 zone. Therefore, if the current daily candle low is broken, we can short to 0.7698 zone and then look for bullish signals.
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