AUDUSD Daily Analysis – May 7, 2019

AUDUSD’s downside movement extended to as low as 0.6962. As long as the price is below the trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 0.6900 area. Key resistance is at 0.7024, only break above this level could bring the price back towards 0.7050.

AUDUSD 4-hour chart