AUDUSD Daily Analysis – May 12, 2017

No changed in our view, AUDUSD remains in downtrend from 0.7610, the bounce from 0.7328 could be treated as consolidation of the downtrend. Range trading between 0.7328 and 0.7426 would likely be seen in a couple of days. Resistance is at 0.7426, as long as this level holds, the downtrend could be expected to resume, and further decline to 0.7250 area is still possible after the consolidation. On the upside, a break of 0.7426 resistance will indicate that lengthier consolidation for the downtrend is underway, then the pair will find resistance at the descending trend line on 4-hour chart.

AUDUSD chart