AUDUSD Daily Analysis – May 18, 2020

AUDUSD is facing 0.6372 support. As long as this level holds, the sideways movement in a trading range between 0.6372 and 0.6569 could be treated as consolidation for the uptrend from 0.5507, further rise to 0.6700 area is possible after the consolidation. On the downside, a breakdown below 0.6372 support would indicate that the upside movement had completed at 0.6569 already, then the pair would find support at around 0.6250.

AUDUSD 4-hour chart