AUD/USD Daily Analysis – Monday, October 30

AUD/USD is facing the resistance of the falling trend line on the 4-hour chart. A clear break above the trend line resistance could bring price to test 0.7718 key resistance.

Above this level will indicate that the downtrend from 0.7897 had completed at 0.7624 already, then the following correction rebound could take price into the 0.7800 zone. On the downside, as long as the price is below 0.7718, the downtrend could be expected to continue, and the next target would be at the 0.7500 area.