AUDUSD Weekly Analysis – October 8, 2017

AUDUSD extended its downside movement from 0.8124 to as low as 0.7732, facing a resistance-turned-support trend line on the weekly chart now at around 0.7700. A breakthrough this trend would indicate that the whole upside movement from 0.6826 (Jan 15, 2016 low) had completed at 0.8124 already, then the following downside movement could bring price back to 0.7000 area. Near term resistance is at 0.7875, only break above this level would suggest that correction for the downtrend is underway, then the following rebound could bring price back to 0.7980 area.

AUDUSD daily chart