AUDUSD Daily Analysis – February 17, 2020

AUDUSD is testing the resistance of the falling price channel on the 4-hour chart. As long as the channel resistance holds, the price action from 06678 could be treated as consolidation for the downtrend from 0.7031, further decline to 0.6600 area is possible after the consolidation. The key resistance is at 0.6777, only break above this level could signal completion of the downtrend.

AUDUSD 4-hour chart