AUDUSD Weekly Analysis – May 6, 2018

AUDUSD broke below 0.7501 support and extended its downside movement from 0.8135 to as low as 0.7472. Further decline is still possible after a minor consolidation and next target would be at 0.7350 area. Near term resistance is at 0.7590, only a breakout of this level could bring the price back towards the falling trend line on the daily chart.

AUDUSD daily chart