AUDUSD Daily Analysis – July 11, 2017

AUDUSD remains in the short term downtrend from 0.7712, the bounce from 0.7571 is likely consolidation of the downtrend. Another fall to test 0.7535 support is still possible after the consolidation. A breakdown below this level will confirm that the uptrend 0.7328 (May 9 low) had completed at 0.7712 already, then the pair will find next support at around 0.7400. Near term resistance is at 0.7640, only a break above this level could take price back to test 0.7712 resistance.

AUDUSD 4-hour chart