AUDUSD Daily Analysis – November 2, 2017

AUDUSD broke above the top trend line on the price channel on its 4-hour chart, suggesting that lengthier consolidation for the downtrend from 0.7897 is needed. Range trading between 0.7624 and 0.7718 could be expected to continue in a couple of days. As long as the price is below 0.7718 resistance, the downtrend could be expected to resume after the consolidation and next target would be at 0.7500 area. On the upside, a breakout of 0.7718 resistance will indicate that the downtrend had completed at 0.7624 already, then the following correction rebound could take price to 0.7800 zone.

AUDUSD 4-hour chart