AUDUSD Daily Analysis – April 12, 2017

AUDUSD’s downward movement from 0.7679 extended to as low as 0.7473. Further decline could be expected after a minor consolidation and next target would be at 0.7400 area. Near term resistance is at the top of the price channel on 4-hours chart, and the key resistance is at 0.7514, only break above this level could signal completion of the downtrend.

AUDUSD chart