AUDUSD Weekly Analysis – July 15, 2018

AUDUSD remains in the downtrend from 0.8135, the bounce from 0.7310 is likely consolidation for the downtrend. Further rally to test the resistance of the falling trend line on the daily chart is possible in the coming days. As long as the trend line resistance holds, the downtrend could be expected to resume and a breakdown below 0.7310 support could trigger another downside move towards 0.7000. Only a clear break of the trend line resistance could signal completion of the downtrend.

AUDUSD daily chart