AUDUSD Daily Analysis – May 29, 2018

AUDUSD broke below 0.7522 support. Deeper decline would likely be seen and the target would be at the bottom support trend line of the price channel on the 4-hour chart. A clear break below the channel support would confirm that the upside movement from 0.7412 had completed at 0.7605 already, then further decline towards 07412 support could be seen. On the upside, as long as the channel support holds, the fall from 0.7605 would possibly be consolidation for the uptrend and one more rise towards 0.7700 is still possible after the consolidation.

AUDUSD 4-hour chart