AUDUSD Daily Analysis – March 2, 2017

AUDUSD broke below the channel support. Further decline to test 0.7605 key support would likely be seen in a couple of days. A breakdown below this level will confirm that the uptrend from 0.7159 (Dec 26, 2016 low) had completed at 0.7740 already, then the following downward movement could bring price to 0.7300 area. Near term resistance is at 0.7700, only a break of this level will indicate that the fall from 0.7740 is consolidation of the uptrend from 0.7159, then sideways movement in a range between 0.7605 and 0.7740 could be seen.

audusd chart