AUDUSD Daily Analysis – May 31, 2019

AUDUSD failed to break above 0.6934 resistance and stayed in a trading range between 0.6864 and 0.6934. As long as 0.6934 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 0.7205, another fall towards 0.6800 is still possible after the consolidation. Only break above 0.6934 resistance could signal completion of the downtrend.

AUDUSD 4-hour chart