Wide view, time-frame W1
Since 2011 AUDUSD moves in a downward trend. At the daily time-frame we can determine channel, in which the price moves. At this moment nothing indicates the possibility of trend reversal, but it is already very close to important support at 0.6780. Rebound from this support can cause upward movement of about 800 pips. Alternatively, if bears proves to be stronger next resistance will be at 0.6010.
Time-frame H4
The downward channel is also on a smaller interval. Today AUDUSD broke above downward channel. Correction of last downward movement should reach a minimum to fibo 38.2% (level 0.7100). If bulls prove to be strong enough, then reaction event to 0.7230 will be possible. There is the nearest resistance and the fibo 61.8%.
