AUDUSD Daily Analysis – May 12, 2020

AUDUSD failed to break above 0.6569 resistance and pulled back from 0.6561. As long as the price is in the rising price channel on the 4-hour chart, the price action in the trading range between 0.6372 and 0.6569 could be treated as consolidation for the uptrend from 0.5507 (Mar 19 low), one more rise towards 0.6700 could be expected after the consolidation. Key support is at 0.6372, only break below this level could signal completion of the uptrend.

AUDUSD 4-hour chart