AUDUSD Daily Analysis – December 18, 2013

AUDUSD’s downward movement from 0.9756 (Oct 23 high) extended to as low as 0.8882. Further decline to test 0.8847 (Aug 5 low) support is still possible. Initial resistance is at 0.8970, and the key resistance is located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance will signal completion of the downtrend.

audusd daily chart