AUDUSD Daily Analysis – May 10, 2019

AUDUSD remains in the downtrend from 0.7205, the price action from 0.6962 could be treated as consolidation for the downtrend. As long as the price is in the falling price channel on the 4-hour chart, the downside movement could be expected to resume, further decline to 0.6900 area is still possible after the consolidation. Key resistance is at 0.7047, only break above this level could signal completion of the downtrend.

AUDUSD 4-hour chart