AUDUSD Daily Analysis – May 8, 2018

AUDUSD moved sideways in a trading range between 0.7472 and 0.7560. As long as 0.7590 key resistance holds, the sideways move could be treated as consolidation for the downtrend from 0.7813 and a breakdown below 0.7472 support could trigger further downside movement towards 0.7300. Only a breakout of 0.7590 resistance could signal completion of the downtrend.

AUDUSD 4-hour chart