AUDUSD Daily Analysis – October 17, 2017

AUDUSD stays above a bullish trend line on the 4-hour chart and remains in the uptrend from 0.7732. As long as the price is above the trend line, the fall from 0.7897 could be treated as consolidation of the uptrend. Further rise could be expected after the consolidation and next target would be at 0.7986. Near term resistance is at 0.7897, an upside break of this level could signal resumption of the uptrend. On the downside, a breakdown below the trend line will confirm that the uptrend had completed at 0.7897 already, then the following downside movement could bring price back towards the resistance-turned-support trend line on the weekly chart.

AUDUSD 4-hour chart