AUDUSD Daily Analysis – May 13, 2020

AUDUSD continued its sideways movement in a trading range between 0.6372 and 0.6569. As long as the price is in the rising price channel on the 4-hour chart, the sideways movement could be treated as consolidation for the uptrend from 0.5507 (Mar 19 low), and 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