AUDUSD Daily Analysis – Tuesday, Jan 9

AUDUSD extended its upside movement from 0.7501 to as high as 0.7874. Near-term support is at the bottom of the price channel on the 4-hour chart. As long as the channel support holds, the uptrend could be expected to continue and next target would be at 0.7950 area.

On the downside, a clear break below the channel support will indicate that the uptrend had completed at 0.7874 already, then the following downside movement could bring the price back towards 0.7750, followed by 0.7635.