AUDUSD Weekly Analysis – May 26, 2019

AUDUSD stays in a falling price channel on the daily chart and remains in the downtrend from 0.7205. As long as the channel resistance holds, the bounce from 0.6864 could be treated as consolidation for the downtrend, further decline towards 0.6765 support is still possible after the consolidation. On the upside, a breakout of the channel resistance would indicate that the downside movement had completed at 0.6864 already, then the pair would find next resistance at around 0.7070.

AUDUSD daily chart