AUDUSD Daily Analysis – December 4, 2017

AUDUSD broke above the top trend line of the price channel on the 4-hour chart, suggesting that lengthier consolidation for the downtrend from 0.7897 is underway. Range trading between 0.7532 and 0.7644 would likely be seen in a couple of days. As long as 0.7644 resistance holds, the downtrend could be expected to resume, and another fall towards 0.7450 is still possible after the consolidation. Near term support is at 0.7532, a breakdown below this level could signal resumption of the downtrend. On the upside, a breakout of 0.7644 resistance will suggest that the downtrend had completed at 0.7532 already, then next target would be at 0.7729.

AUDUSD 4-hour chart