AUDUSD Weekly Analysis – August 5, 2018

AUDUSD moved sideways in a trading range between 0.7310 and 0.7483. As long as the price is below the falling trend line on the daily chart, the sideways movement could be treated as consolidation of the downtrend from 0.8135 and further decline towards 0.7000 is still possible after the consolidation. Only a clear break above the trend line resistance could signal completion of the downtrend.

AUDUSD daily chart