AUDUSD Daily Analysis – June 21, 2018

No changed in our view, AUDUSD remains in the downtrend from 0.7676, the bounce from 0.7347 is likely consolidation for the downtrend. Resistance is now at the top of the price channel on the 4-hour chart. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 0.7250 area. Only a breakout of the channel resistance could signal completion of the downtrend.

AUDUSD 4-hour chart