AUDUSD Daily Analysis – May 7, 2018

AUDUSD remains in the downtrend from 0.7813, the bounce from 0.7472 is likely consolidation for the downtrend. Range treading between 0.7472 and 0.7590 would likely be seen in a couple of days. As long as 0.7590 resistance holds, the downtrend could be expected to resume and another fall towards 0.7300 is possible after the consolidation. Only a breakout of 0.7590 resistance could signal completion of the downtrend.

AUDUSD 4-hour chart