AUDUSD Daily Analysis – May 2, 2018

AUDUSD’s downside movement from 0.7813 extended to as low as 0.7472. Near term resistance is at the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the downside movement could be expected to continue and further decline to 0.7350 area is possible. Only a breakout of the trend line resistance could signal completion of the downtrend.

AUDUSD 4-hour chart