AUDUSD Daily Analysis – May 31, 2018

After breaking below the bottom of the price channel on the 4-hour chart, AUDUSD rebounded strongly from 0.7476, suggesting that the pair remains in the uptrend from 0.7412. Further rise could be expected in the coming days and next target would be at 0.7650, followed by 0.7700. Key support is now at 0.7476, only a breakdown below this level could signal completion of the uptrend.

AUDUSD 4-hour chart