AUDUSD Weekly Analysis – August 20, 2017

AUDUSD failed to break below the support of the bullish trend line on the daily chart and rebounded strongly from 0.7807, suggesting that the pair remains in the uptrend from 0.7328. As long as the price is above the trend line, the fall from 0.8065 could be treated as consolidation of the uptrend. Further rise to test 0.8065 resistance could be expected in the coming days, a break above this level could take price to next resistance level at 0.8162, followed by 0.8450. Key support is now at 0.7807, only a breakdown below this level could signal completion of the uptrend.

AUDUSD daily chart