AUDUSD Weekly Analysis – July 1, 2018

AUDUSD’s downside movement from 0.8135 extended to as low as 0.7322. Near term resistance is at 0.7443, as long as this level holds, the downside movement could be expected to continue and next target would be at 0.7000 area. On the upside, a break of 0.7443 resistance could bring the price back towards 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