AUDUSD Daily Analysis – October 18, 2017

AUDUSD failed to break below the rising trend line on the 4-hour chart, indicating that the pair remains in the uptrend from 0.7732. As long as the price is above the trend line, the upside movement could be expected to resume and a breakout of 0.7897 resistance could trigger further bullish move towards 0.7986. However, a breakthrough the trend line support will indicate that the short term uptrend had completed at 0.7897 already, then the following bearish movement could take price back towards the resistance-turned-support trend line on the weekly chart.

AUDUSD 4-hour chart