AUDUSD stays within a downward price channel

AUDUSD stays within a downward price channel on 4-hour chart, and remains in short term downtrend from 1.0373, the rise from 1.0182 could be treated as consolidation of the downtrend. Resistance is located at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.0100 area is still possible. However a clear break above the channel resistance will indicate that the downward movement from 1.0373 has completed, then further rise to test 1.0373 key resistance could be seen, about this level will indicate that the whole downtrend from 1.0597 has completed.

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