AUDUSD Daily Analysis – January 18, 2018

AUDUSD extended its upside movement from 0.7501 to as high as 0.8022. As long as the price is in the rising price channel on the 4-hour chart, the upside movement could be expected to continue and next target would be at 0.8100 area. Near term support is at 0.7936, only a breakdown below this level could bring price back to the bottom of the channel. A clear break below the channel support will indicate that the uptrend had completed at 0.8022 already, then deeper decline towards 0.7807 support could be seen.

AUDUSD 4-hour chart