AUDUSD Daily Analysis – December 6, 2017

After touching 0.7644 resistance, AUDUSD fell to 0.7571, indicating that the pair remains in the downtrend from 0.8124 (Sep 8 high) and the price action from 0.7532 is consolidation of the downtrend. Deeper decline to test 0.7532 support would likely be seen, a breakdown below this level will indicate that the downtrend has resumed, then next target would be at 0.7450 area. Only a clear break above 0.7644 resistance could signal completion of the downtrend.

AUDUSD 4-hour chart