AUDUSD Daily Analysis – November 7, 2017

AUDUSD failed to break below 0.7624 support and stayed in a trading range between 0.7624 and 0.7729. The price action in the range is likely consolidation of the downtrend from 0.8124 (Sep 8 high). As long as 0.7729 resistance holds, the downtrend could be expected to resume and a breakdown below 0.7624 support could trigger another fall towards 0.7500. On the upside, a breakout of 0.7729 resistance will indicate that lengthier consolidation for the downtrend is underway, then the pair would find next resistance at 0.7800.

AUDUSD 4-hour chart