AUDUSD Daily Analysis – July 6, 2018

AUDUSD moved sideways in a trading range between 0.7310 and 0.7443. As long as 0.7443 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 0.7676, and a breakdown below 0.7310 support could take the price to 0.7200 zone. On the upside, a breakout of 0.7443 resistance would confirm that the downside movement had completed at 0.7310 already, then further rally to 0.7600 area could be seen.

AUDUSD 4-hour chart