AUDUSD Daily Analysis – May 15, 2020

AUDUSD broke below the rising price channel on the 4-hour chart. Deeper decline to test 0.6372 support is possible, a breakdown below this level would indicate that the upside movement from 0.5507 (Mar 19 low) had completed at 0.6569 already, then the pair would find next support at around 0.6250. On the upside, as long as 0.6372 support holds, the sideways movement in a trading range between 0.6372 and 0.6569 could be treated as consolidation for the uptrend, and one more rise towards 0.6700 could be expected after the consolidation.

AUDUSD 4-hour chart