AUDUSD Daily Analysis – October 27, 2017

AUDUSD extended its downside movement from 0.7897 to as low as 0.7635, breaking below the resistance-turned-support trend line on the weekly chart. Near term resistance is at the bearish trend line on the 4-hour chart. As long as the price is below the trend line, the downside movement could be expected to continue and next target would be at 0.7500 area. The key resistance is at 0.7718, only break above this level could signal completion of the downtrend.

AUDUSD 4-hour chart