AUDUSD failed to break above the upper line of the price channel on 4-hour chart, suggesting that the pair remains in downtrend from 0.9756 (Oct 23 high), and the rise from 0.8820 could be treated as consolidation of the downtrend. Key resistance is now at 0.8957, as long as this level holds, the downtrend could be expected to resume, and next target would be at 0.8500 area. On the upside, a break above 0.8957 will indicate that the downtrend from 0.9756 had completed at 0.8820 already, then the following upward movement could bring price back to 0.9650 zone.
