AUDUSD Daily Analysis – February 8, 2018

AUDUSD extended its downside movement from 0.8135 to as low as 0.7810. As long as the price is in the falling price channel on the 4-hour chart, the downtrend could be expected to continue and next target would be at 0.7750 area. The key resistance is at 0.7910, only a breakout of this level would indicate that the downtrend is complete, then the following upside corrective rebound could bring price back to 0.8000 area.

AUDUSD 4-hour chart