AUDUSD Daily Analysis - October 14, 2016 Forex Analysis

AUDUSD remains in downtrend from 0.7710, the rise from 0.7506 is likely consolidation of the downtrend. Resistance is located at the top of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and further decline to 0.7400 area is still possible. However, a clear break above the channel resistance will indicate that the downtrend had completed at 0.7506 already, then the following upward movement could bring price to 0.8000 zone.

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EURUSD Daily Analysis - October 14, 2016 Forex Analysis

EURUSD's downward movement from 1.1279 extended to as low as 1.0985. Near term resistance is at 1.1080, as long as this level holds, the bounce from 1.0985 could be treated as consolidation of the downtrend. Further decline could be expected after consolidation and next target would be at 1.0900 area. On the upside, a break of 1.1080 resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.1150 zone.

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