AUDUSD Weekly Analysis – Sunday, July 8

AUDUSD stays below the falling trend line on the daily chart and remains in the downtrend from 0.8135. The bounce from 0.7310 is likely consolidation for the downtrend.

Near term resistance is at 0.7443 and as long as this level holds, the downtrend could be expected to continue and the next target would be at 0.7000 area. On the upside, a breakout of 0.7443 resistance could take the price back towards the falling trend line; only a clear break above the trend line resistance could signal completion of the downtrend.

AUDUSD daily chart

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