AUDUSD Weekly Analysis – July 29, 2018

AUDUSD stays below a falling trend line on the daily chart and remains in the downtrend from 0.8135. As long as the trend line resistance holds, the sideways movement in a trading range between 0.7310 and 0.7483 could be treated as consolidation for the downtrend and a breakdown below 0.7310 support could trigger further downside movement towards 0.7000 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

AUDUSD daily chart