AUDUSD’s downward movement from 0.8162 expected to as low as 0.7214. Resistance is at the top of the price channel on daily chart. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 0.6800 area. On the upside, a clear break above the channel resistance will indicate that the downtrend is complete, then the following upward movement could bring price to 0.7800 – 0.7900 area.
