As can be seen on the weekly chart  AUDUSD was below the trend line extended from the 2016 low. So far we can not talk about its effective break (in terms of the weekly interval), we need to wait until today’s last in the week session closing.

Two important levels were overcome on the daily chart. Pair closed yesterday both under the trend line discussed above and the support of over 2-week channel, which was a correction of the last drops from the resistance at 0.7730.

Bearing in mind the above, the downside potential of AUDUSD is noticeable. The nearest support to which the course may go is level around 0.7370. It stopped the downward trend in May and the price had support on it also at the beginning of June.

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As the Australian dollar is quoted in this pair with greenback, it is worth paying attention to today’s data from the US labor market (including NFP), which will be announced at 14:30. If they do not turn out to be favorable for USD, there may be a re-test of broken support levels. Otherwise, it is expected to accelerate the traffic towards the south.

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