AUDUSD Daily Analysis – March 12, 2014

AUDUSD’s fall from 0.9133 extended to as low as 0.8946. Deeper decline would likely be seen, and the target would be at the lower line of the price channel on 4-hour chart. Key support is at 0.8890, as long as this level holds, the price action from 0.9080 could be treated as consolidation of the uptrend from 0.8660 (Jan 24 low), one more rise towards 0.9350 is still possible after consolidation. Only a breakdown below 0.8890 support could signal completion of the uptrend.

audusd chart