AUDUSD Analysis – October 13, 2013

AUDUSD stays within a upward price channel on daily chart, and remains in uptrend from 0.8847, then fall from 0.9526 is treated as consolidation of the uptrend. As long as the channel support holds, another rise towards 1.0000 could be expected after consolidation, and a break above 0.9526 resistance could signal resumption of the uptrend. On the downside, a clear break below the lower line of the channel will indicate that the uptrend from 0.8847 had completed at 0.9526 already, then the following downward movement could bring price to 0.8500 zone.

audusd daily chart