AUDUSD Daily Analysis – November 1, 2017

AUDUSD failed to break above 0.7718 resistance and stayed in a trading range between 0.7624 and 0.7718. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the price is in the channel, the downtrend could be expected to resume and a breakdown below 0.7624 could trigger further downside movement towards 0.7500. Key resistance is at 0.7718, only a breakout of this level will indicate that the downtrend from 0.7897 had completed at 0.7624 already, then the following correction rebound could take price to 0.7800 zone.

AUDUSD 4-hour chart