AUDUSD Daily Analysis – May 20, 2019

AUDUSD stays in a falling price channel on the 4-hour chart and remains in the downtrend from 0.7068. As long as the channel resistance holds, the bounce from 0.6864 could be treated as consolidation for the downtrend. Further decline could be expected after the consolidation and next target would be at 0.6800 area. Only break above the channel resistance could signal completion of the downtrend.

AUDUSD 4-hour chart