AUDUSD Weekly Analysis – July 29, 2023

AUDUSD has been moving sideways in a trading range between 0.6170 and 0.7157 for several weeks. This sideways movement is likely a consolidation for the long-term downtrend from 0.8006. As long as the resistance of the falling trend line on the weekly chart holds, the downside move could be expected to resume, and a breakdown below the 0.6457 support level could trigger another fall towards 0.6170.

On the other hand, if the price manages to break out of the 0.6899 resistance level, it could rise towards the trend line resistance on the weekly chart.