AUDUSD Daily Analysis – July 31, 2019

AUDUSD extended its downside movement from 0.7081 to as low as 0.6862. The subsequent bounce is likely consolidation for the downtrend. Range trading between 0.6862 and 0.6916 would likely be seen over the next several days. As long as 0.6916 resistance holds, the downside movement could be expected to resume, further decline to 0.6800 area is still possible.

AUDUSD 4-hour chart