AUDUSD Daily Analysis – Wednesday, Oct. 24

AUDUSD stays in a falling price channel on its 4-hour chart and remains in the downtrend from 0.7159.

As long as the channel resistance holds, the downside movement could be expected to continue and further decline to test 0.7041 support is possible.

On the upside, a breakout of the channel resistance would indicate that the downside move is complete, then another rise towards 0.7200 could be seen.

AUDUSD 4-hour chart

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