AUDUSD Daily Analysis – January 27, 2014

AUDUSD’s downward movement from 0.9085 extended to as low as 0.8660. Resistance is located at the downward trend line on 4-hour chart, as long as this trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8600 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

audusd chart