AUDUSD Daily Analysis – July 4, 2018

AUDUSD is testing that resistance of the falling trend line on the 4-hour chart. A clear break above the trend line resistance could take the price to next resistance level at 0.7443. Above this level would indicate that the downside movement from 0.7676 had completed at 0.7310 already, then the pair would find next resistance level at around 0.7600. On the downside, as long as the trend line resistance holds, the bounce from 0.7310 could be treated as consolidation for the downtrend, and a breakdown below 0.7310 support could trigger another fall towards 0.7200.

AUDUSD 4-hour chart