AUDUSD Daily Analysis – Wed. 13

AUDUSD’s pullback from 0.8124 extended to as low as 0.7998. Further decline is still possible in a couple of days and next target would be at the bottom support trend line of the price channel on the 4-hour chart now at around 0.7955.

As long as the channel support holds, the fall from 0.8124 could be treated as correction of the uptrend from 0.7807 and another rise towards 0.8162 is still possible after the correction.

On the downside, a clear break below the channel support could signal completion of the uptrend, then the following downside movement could bring the price back towards 0.7807.

AUDUSD 4-hour chart

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