AUDUSD Daily Analysis - October 14, 2016

Short Term Forex Analysis | by ForexCycle.com | Friday, 14 October 2016 01:38 UTC
AUDUSD remains in downtrend from 0.7710, the rise from 0.7506 is likely consolidation of the downtrend. Resistance is located at the top of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and further decline to 0.7400 area is still possible. However, a clear break above the channel resistance will indicate that the downtrend had completed at 0.7506 already, then the following upward movement could bring price to 0.8000 zone.

audusd chart

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