AUDUSD Daily Analysis – October 3, 2017

AUDUSD continued its downside movement from 0.8102 and the fall extended to as low as 0.7795. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the pair is in the channel, the downside movement 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. Key resistance is now at 0.7860, only an upside breakout of this level could indicate that the downtrend is complete, then the following correction rebound could bring price back towards 0.7986.

AUDUSD 4-hour chart