AUDUSD Daily Analysis – Tuesday, Oct. 31

AUDUSD broke above the bearish trend line on the 4-hour chart, indicating that consolidation for the downtrend from 0.7897 is underway.

Range trading between 0.7624 and 0.7718 would likely be seen in a couple of days. As long as the price is below 0.7718, the downtrend could be expected to resume and a further decline to 0.7500 area is still possible after the consolidation.

Near-term support is at 0.7624, a breakdown below this level could signal resumption of the downtrend. On the upside, a breakout of 0.7718 resistance will suggest that the downtrend had completed at 0.7624 already, then the following correction rebound could take price to 0.7800 zone.