AUDUSD Daily Analysis – May 6, 2019

AUDUSD extended its downside movement from 0.7068 to as low as 0.6962. Further decline is still possible in a couple of days and next target would be at 0.6900 area. Resistance is located at the bearish trend line on the 4-hour chart, only a clear break of the trend line resistance could signal completion of the downtrend.

AUDUSD 4-hour chart