AUDUSD extended its downside movement to 0.7838

AUDUSD extended its downside movement from 0.8065 to as low as 0.7838 after failing in the attempt to break above the bearish trend line resistance on its 4-hour chart. As long as the price is below the trend line, the downtrend could be expected to continue and next target would be at 0.7800 area. There is a key resistance located at 0.7910, only a break of this level will indicate that the downtrend is complete, then the following bullish movement could bring price back to test 0.8065 previous high resistance.

AUDUSD 4-hour chart

 

By ForexCycle.com

 


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