AUDUSD Daily Analysis – February 1, 2018

AUDUSD is facing the support of the rising trend line on its 4-hour chart. As long as the trend line support holds, the fall from 0.8135 could be treated as consolidation of the uptrend from 0.7501 and another rise towards 0.8200 is still possible after the consolidation. On the downside, a breakdown below the trend line support could bring price back to next support level at 0.7956. Below this level will confirm that the uptrend had completed at 0.8135 already, then further decline towards 0.7800 could be seen.

AUDUSD 4-hour chart