AUDUSD Daily Analysis – April 21, 2014

AUDUSD’s downward movement from 0.9461 extended to as low as 0.9314. Deeper decline is still possible, and the target would be at 0.9250 area. Resistance is located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.

audusd chart