AUDUSD Daily Analysis – April 22, 2020

AUDUSD broke below 0.6263 support, deeper decline is still possible and next target would be at bottom of the rising price channel on the 4-hour chart. As long as the channel support holds, the fall from 0.6444 could be treated as consolidation for the uptrend from 0.5507, and one more rise towards 0.6600 is still possible after the consolidation. On the downside, a clear break below the channel support would indicate that the upside movement had completed at 0.6444 already, then the pair would find next support level at around 0.6000.

AUDUSD 4-hour chart