AUDUSD Daily Analysis – April 28, 2014

AUDUSD’s downward movement from 0.9461 extended to as low as 0.9252. Resistance is located at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 0.9200 area. On the upside, a clear break above the channel resistance will signal completion of the downtrend, then the following upward movement could bring price back to 0.9550 zone.

audusd chart