AUDUSD Daily Analysis – May 6, 2014

AUDUSD broke above the upper line of the price channel on 4-hour chart. Further rise to test 0.9316 key resistance is possible, a break above this level will signal completion of the downtrend from 0.9461, then the following upward movement could bring price to 0.9550 – 0.9600 area. On the downside, as long as 0.9316 resistance holds, the rise from 0.9202 would possibly be consolidation of the downtrend, one more fall to 0.9150 area is still possible after consolidation.

audusd chart