AUDUSD Daily Analysis – January 23, 2018

AUDUSD stays above a bullish trend line on its 4-hour chart and remains in the uptrend from 0.7501. As long as the price is above the trend line, the upside movement could be expected to continue and next target would be at 0.8124 resistance. Near term support is at 0.7978, a breakdown below this level could bring price back towards the trend line. Only a clear break below the trend line support will indicate that the uptrend had completed at 0.8038 already, then the followed downside move could take price towards 0.7807 support.

AUDUSD 4-hour chart