AUDUSD Analysis – October 6, 2013

No changed in our view, AUDUSD remains in uptrend from 0.8847, the fall from 0.9526 could be treated as consolidation of the uptrend. Support is located at the lower line of the price channel on daily daily chart. As long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.0000 is still possible. However, a clear break below the channel support will indicate that the uptrend from 0.8847 had completed at 0.9526 already, then the following downward movement could bring price back to 0.8500 zone.

audusd daily chart