AUDUSD Daily Analysis – April 11, 2014

Being contained by the upper line of the price channel on 4-hour chart, AUDUSD pulled back from 0.9461, suggesting that consolidation of the uptrend from 0.8924 is underway. Deeper decline would likely be seen, and the target would be at the lower line of the channel. However, as long as the channel support holds, the uptrend could be expected to resume, and one more rise to 0.9600 to complete the upward movement is still possible. Only a clear break below the channel support could signal completion of the uptrend.

audusd chart