AUDUSD Daily Analysis – May 4, 2017

AUDUSD’s downward movement from 0.7610 extended to as low as 0.7414. Further decline is still possible and next target would be at 0.7300 area. Near term resistance is at 0.7465 and the key resistance is located at the descending trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

AUDUSD chart