AUDUSD Weekly Analysis – November 3, 2018

AUDUSD is facing the resistance of the bearish trend line on the daily chart. As long as the trend line resistance holds, the bounce from 0.7020 could be treated as consolidation for the downtrend from 0.8135 and another fall towards 0.6900 is still possible after the consolidation. Only a clear break above the trend line resistance would indicate that the downtrend had completed at 0.7020 already, then the pair would find next resistance at around 0.7400.

AUDUSD daily chart