AUDUSD Daily Analysis – May 7, 2020

No changed in our view, AUDUSD remains in the downtrend from 0.6569, the price action from 0.6372 is likely consolidation for the downtrend. A breakdown below 0.6372 support would indicate that the downtrend has resumed, then next target would be at 0.6250 area. Resistance is at 0.6475, only break above this level could trigger another rise towards 0.6600.

AUDUSD 4-hour chart