AUDUSD Daily Analysis – May 3, 2018

AUDUSD remains in the downtrend from 0.7813. As long as the price is below the falling trend line on the 4-hour chart, the bounce from 0.7472 could be treated as consolidation for the downtrend, and a breakdown below 0.7472 support could trigger another fall towards 0.7350. On the upside, a clear break above the trend line resistance would suggest that the downside movement had completed at 0.7472 already, then the pair would find resistance at around 0.7650.

AUDUSD 4-hour chart