AUDUSD Daily Analysis – May 24, 2018

AUDUSD stays above a rising trend line on its 4-hour chart and remains in the uptrend from 0.7412. As long as the trend line support holds, the fall from 0.7605 could be treated as consolidation for the uptrend and a breakout of 0.7605 resistance could take the price to 0.7700 area. On the downside, a clear break below the trend line support would suggest that the upside movement had completed at 0.7605 already, then the following downside movement could bring the price back towards 0.7400.

AUDUSD 4-hour chart