AUDUSD Daily Analysis – April 29, 2014

AUDUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 0.9461, and the fall extended to as low as 0.9227. Near term resistance is at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 0.9180 area. Key resistance is at 0.9320, only break above this level could signal completion of the downtrend.

audusd chart