AUDUSD Daily Analysis – November 22, 2016

AUDUSD remains in downtrend from 0.7778, the rise from 0.7310 is likely consolidation of the downtrend. Range trading between 0.7310 and 0.7460 is possible in a couple of days. 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 0.7200 area is still possible. Only a clear break above the channel resistance could signal completion of the downtrend.

audusd chart