AUDUSD Daily Analysis – September 29, 2017

AUDUSD broke below 0.7807 key support and extended its downside movement from 0.8102 to as low as 0.7799, indicating that the uptrend from 0.7328 (May 9 low) had completed at 0.8124 already. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the price is in the channel, the downtrend could be expected to continue and next target would be at the resistance-turned-support trend line on the weekly chart now at around 0.7700. On the upside, a clear break above the channel resistance could bring price back towards next resistance level at 0.7986, only break above this level could trigger another rise towards 0.8124 previous high resistance.

AUDUSD 4-hour chart