AUDUSD Daily Analysis – January 31, 2020

AUDUSD’s downside movement from 0.6933 extended to as low as 0.6699. As long as the price is in the falling price channel on the 4-hour chart, the downside movement could be expected to continue and next target would be at 0.6650 area. On the upside, a breakout of the channel resistance would indicate that the downtrend is complete, then further rally to 0.6820 area could be seen.

AUDUSD 4-hour chart