AUDUSD Daily Analysis – August 11, 2017

AUDUSD extended its downside movement from 0.8065 to as low as 0.7838 after failing in the attempt to break above the bearish trend line resistance on its 4-hour chart. As long as the price is below the trend line, the downtrend could be expected to continue and next target would be at 0.7800 area. There is a key resistance located at 0.7910, only a break of this level will indicate that the downtrend is complete, then the following bullish movement could bring price back to test 0.8065 previous high resistance.

AUDUSD 4-hour chart