AUDUSD Daily Analysis – October 5, 2017

AUDUSD broke above 0.7860 resistance, indicating that the downtrend from 0.8102 had completed at 0.7785 already. Further rally could be expected in the coming days and next target would be at 0.7930, followed by 0.7986. However, as long as as the price is below 0.7986 resistance, the bounce could be treated as correction of the downtrend, and another fall towards the resistance-turned-support trend line on the weekly chart is still possible after the correction.

AUDUSD 4-hour chart