AUDUSD Weekly Analysis – August 2, 2020

AUDUSD’s upside movement from 0.5507 extended to as high as 0.7227. As long as the price is above the rising trend line on the daily chart, the upside movement could be expected to continue and next target would be at 0.7400 area. On the downside, a breakdown below the trend line support would indicate that corrective consolidation for the uptrend is underway, then the pair would find support at around 0.6800.

AUDUSD daily chart