AUDUSD Daily Analysis – May 19, 2017

Under pressure by the resistance of the descending trend line on 4-hour chart, AUDUSD pulled back from 0.7466. Another rise to test the trend line resistance is still possible after consolidation. As long as the pair is below the trend line, the rise from 0.7328 could be treated as correction of the downtrend from 0.7610 and another fall towards 0.7250 is still possible. On the upside, a clear break out of the trend line resistance will indicate that the downward movement from 0.7610 had completed at 0.7328 already, then the following bullish move could bring price to 0.7550 zone.

AUDUSD chart