Red rectangle - support
Blue rectangle- target if support is broken
Blue line -support trend line
AUDUSD is trading around 0.69. Recently price broke out of the short-term bearish channel as expected and is making higher highs and higher lows. Today we focus on the 4 hour chart as price could make a pull back towards 0.6840-0.68 area. Support is found at 0.6895-0.6890. Failure to hold above this level will open the way for a decline at least towards the blue rectangle shown in the 4 hour chart above.