AUDUSD Daily Analysis – February 28, 2020

AUDUSD stays in a bearish price channel on the 4-hour chart chart and remains in the downtrend from 0.6749. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 0.6500 area. On the upside, a breakout of the channel resistance would indicate that consolidation for the downtrend is underway, then further rise towards 0.6640 could be seen.

AUDUSD 4-hour chart