AUDUSD Analysis – October 27, 2013

AUDUSD remains in uptrend from 0.8847, the fall from 0.9756 could be treated as consolidation of the uptrend. Support is located at the lower line of the price channel on daily chart. As long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.0000 is still possible. On the downside, a clear break below the channel support will indicate that the uptrend from 0.8847 had completed at 0.9756 already, then the following downward movement could bring price back to 0.8500 zone.

audusd daily chart