AUDUSD Daily Analysis – May 23, 2018

AUDUSD is in the uptrend from 0.7412, the pullback from 0.7605 is likely consolidation for the uptrend. As long as the price is above the rising trend line on the 4-hour chart, the upside movement could be expected to continue and next target would be at 0.7625, followed by 0.7700. Only a clear break below the trend line support would indicate that the upside movement had completed at 0.7605 already, then deeper decline towards 0.7412 could be seen.

AUDUSD 4-hour chart