AUDUSD Weekly Analysis – July 22, 2018

AUDUSD moved sideways in a trading range between 0.7310 and 0.7483. As long as 0.7483 resistance holds, the sideways move could be treated as consolidation for the downtrend and further decline to 0.7000 area is still possible after the consolidation. On the upside, a breakout of 0.7483 resistance could bring the price back towards the falling trend line on the daily chart, only a clear break of the trend line resistance could signal completion of the downtrend.

AUDUSD daily chart