AUDUSD Daily Analysis – May 18, 2017

AUDUSD remains in the short term uptrend from 0.7328, the fall from 0.7445 is likely consolidation of the uptrend. Further rise to test the resistance of the descending trend line on 4-hour chart is possible. Support is now at 0.7385, only a breakdown below this level will indicate that the short term uptrend is complete, then the following bearish movement could bring price to 0.7250 area.

AUDUSD chart