AUDUSD Weekly Analysis – July 8, 2017

Under pressure by 0.7749 resistance, AUDUSD pulled back from 0.7712. However, as long as the price is above 0.7535 key support, the pullback could be treated as consolidation of the uptrend from 0.7328 and another rise towards 0.8000 could be expected after the consolidation. On the downside, a breakdown below 0.7535 support will indicate that the upside movement from 0.7328 had completed at 0.7712 already, then the following bearish movement could bring price back into 0.7200 zone.

AUDUSD daily chart