AUDUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 0.9317, the rise from 0.8847 is treated as consolidation of the downtrend. Resistance is at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to resume, and further decline to 0.8800 area is still possible. On the upside, a clear break above the channel resistance will indicate that the downward movement from 0.9317 has completed, then the following upward movement could bring price back to 0.9150 – 0.9200 area.
Provided by ForexCycle.com
