AUDUSD Weekly Analysis – April 8, 2018

AUDUSD remains in the downtrend from 0.8135, the rise from 0.7642 is likely consolidation for the downtrend. Range trading between 0.7642 and 0.7785 would likely be seen over the next several days. As long as 0.7785 resistance holds, the downtrend could be expected to resume and a breakdown below 0.7642 support would trigger another fall towards 0.7500. The key resistance is located at the falling trend line on the daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

AUDUSD daily chart