AUDUSD Daily Analysis – October 2, 2017

AUDUSD moves in a bearish price channel on the 4-hour chart and remains in the downtrend from 0.8102. As long as the channel resistance holds, the downtrend could be expected to continue and next target would be at the resistance-turned-support trend line on the weekly chart now at around 0.7700. On the other side, a breakout of the top trend line of the channel would indicate that the short term downtrend had completed at 0.7799 already, then the following correction rebound could take price to next resistance level at 0.7986. Only break through this level could trigger another rise towards 0.8124 previous high resistance.

AUDUSD 4-hour chart