AUDUSD Weekly Analysis – May 20, 2018

AUDUSD moved sideways in a trading range between 0.7412 and 0.7566. The sideways move is likely consolidation for the downtrend from 0.8135 and further decline to 0.7150 is possible after the consolidation. On the upside, a breakout of 0.7566 could bring the price back towards the falling trend line on the daily chart. Only a breakout of the trend line resistance could signal completion of the downtrend.

AUDUSD daily chart