AUDUSD - reflection from resistance at 0.7510

Bulls for second time this week tried to break resistance at 0.7510. Same as after first try this time market also failed and declines were deeper. In short term AUDUSD is moving in a bullish trend. This guarantees upward channel that is respected by price starting from May 9th. For this reason, we can quite precisely predict exactly where declines should end.

Demand response can be expected at lower channel limit. Currently it is area of 0.7450. Possible breaking of the lower limit of the growth channel will cause deeper fall. This may even cause AUDUSD return to the medium-term downward trend seen in the H4 time frame.