AUDUSD Daily Analysis – May 10, 2017

AUDUSD’s downward movement from 0.7555 extended to as low as 0.7328. Further decline is still possible and next target would be at 0.7280 area. Key resistance is at 0.7426, only a break above this level will indicate that the downward movement had completed at 0.7328 already, then the pair will find resistance at the descending trend line on 4-hour chart.

AUDUSD chart