AUDUSD Daily Analysis – May 4, 2020

AUDUSD broke below the rising price channel on the 4-hour chart, suggesting that the upside movement from 0.5507 had completed at 0.6569 already. Further decline would likely be seen and next target would be at 0.6300 area. Near term resistance is at 0.6430, a breakout of this level could trigger another rise towards 0.6600.

AUDUSD 4-hour chart