AUDUSD Daily Analysis – December 24, 2013

AUDUSD’s bounce from 08820 extended to as high as 0.8957. Another rise to test the resistance of the upper line of the price channel on 4-hour chart would likely be seen. As long as the channel resistance holds, the downtrend from 0.9756 (Oct 23 high) could be expected to resume, and another fall towards 0.8500 is possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 0.8820 already, then the following upward movement could bring price back to 0.9650 zone.

audusd chart