AUDUSD Daily Analysis – October 9, 2018

AUDUSD stays below a falling trend line on the 4-hour chart and remains in the downtrend from 0.7314. As long as the trend line resistance holds, the bounce from 0.7041 could be treated as consolidation for the downtrend. Further decline could be expected after the consolidation and a breakdown below 0.7041 support could take the price to 0.7000 area. Only a clear break of the trend line resistance could signal completion of the downtrend.

AUDUSD 4-hour chart