AUDUSD Daily Analysis – December 20, 2013

AUDUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 0.9756 (Oct 23 high). Further decline could be expected after a minor consolidation, and next target would be at 0.8750 area. Initial resistance is at 0.8900, and the key resistance is located at the upper line of the channel, only a clear break above the channel resistance could signal completion of the downtrend.

audusd daily chart