AUDUSD Weekly Analysis – May 13, 2018

AUDUSD remains in the downtrend from 0.8135, the bounce from 0.7412 is likely consolidation for the downtrend. Range trading between 0.7412 and 0.7600 would likely be seen in a couple of days. As long as 0.7600 resistance holds, the downtrend could be expected to resume and further decline towards 0.7150 is possible after the consolidation. The key resistance is located at the falling trend line on the daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

AUDUSD daily chart