AUDUSD Daily Analysis – May 11, 2017

AUDUSD remains in downtrend from 0.7610, the rise from 0.7328 is likely consolidation of the downtrend. Near term resistance is at 0.7416, as long as this level holds, the downtrend could be expected to continue, and next target would be at 0.7250 area. On the upside, a break of 0.7426 resistance will indicate that lengthier consolidation for the downtrend is underway, then the following rebound could bring price to test the resistance of the descending trend line on 4-hour chart.

AUDUSD chart