AUDUSD Weekly Analysis – June 8, 2019

AUDUSD’s bounce from 0.6864 extended to as high as 0.7021. Further rally is still possible in a couple of weeks and next target would be at the top trend line of the price channel on the daily chart. However, as long as the channel resistance holds, the bounce could be treated as consolidation for the downtrend from 0.7295, another fall towards 0.6765 support is still possible after the consolidation.

AUDUSD daily chart