AUDUSD Weekly Analysis – December 3, 2017

AUDUSD broke above the falling trend line on the daily chart, indicating that consolidation for the downtrend from 0.8124 is underway. Further rally is still possible and next target would be at 0.7729. However, as long as 0.7729 resistance holds, the downtrend could be expected to resume and another fall towards 0.7328 is still possible after the consolidation. On the upside, a breakout of 0.7729 resistance will indicate that the downtrend had completed at 0.7532 already, then next target would be at 0.7897.

AUDUSD daily chart