AUDUSD Daily Analysis – March 1, 2017

AUDUSD broke below the bottom of the price channel on 4-hours chart, implying that the uptrend from 0.7159 (Dec 26, 2016 low) had completed at 0.7740 already. Further fall to test 0.7605 key support is possible, a breakdown below this level will confirm the completion of the uptrend, then the following downward movement could bring price back to 0.7300 zone. On the upside, as long as 0.7605 support holds, the fall from 0.7740 would possibly be consolidation of the uptrend from 0.7159, another rise towards 0.8000 could be expected after consolidation.

audusd chart