AUDUSD Daily Analysis – July 20, 2017

AUDUSD stays above a bullish trend line on its 4-hour chart and remains in uptrend from 0.7571. As long as the trend line support holds, the fall from 0.7989 could be treated as consolidation of the uptrend. Further rise is still possible after consolidation and next target would be at 0.8050 area. On the downside, a clear break below the trend line support could indicate that the uptrend had completed at 0.7989 already, then the follow downward movement could bring price back to test the next support level at 0.7780.

AUDUSD 4-hour chart