AUDUSD Weekly Analysis – May 6, 2017

AUDUSD moved below a descending trend line on daily chart and remains in downtrend from 0.7749. As long as the pair is below the trend line, the downward movement could be expected to continue, and next target would be at 0.7250 area. Key resistance is at 0.7555, only a break of this level could signal completion of the downtrend.

AUDUSD chart