AUDUSD Weekly Analysis – December 10, 2017

AUDUSD extended its downside movement from 0.8124 to as low as 0.7501. As long as the price is in the falling price channel on the daily chart, the downside movement could be expected to continue and next target would be at 0.7328. Below this level would aim 0.7144. Near term resistance is at the top trend line of the channel. A clear break above the channel resistance could bring price back to next resistance level at 0.7653. Above this level will suggest that the downtrend is complete, then the pair would find resistance at 0.7729, followed by 0.7897.

AUDUSD daily chart