AUDUSD Daily Analysis – January 17, 2018

AUDUSD stays in a bullish price channel on its 4-hour chart and remains in uptrend from 0.7501. The price just bounced off the upper trend line of the channel, a breakdown below 0.7936 support will indicate that consolidation for the uptrend is underway, then range trading between 0.7880 and 0.7999 could be seen in a couple of days. However, as long as the price is above the bottom of the channel the uptrend could be expected to resume and further rise towards 0.8100 area is still possible after the consolidation.

AUDUSD 4-hour chart