AUD/USD Daily Analysis – Tuesday, May 21

AUD/USD is facing the top trend line of the price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 0.6864 could be treated as consolidation for the downtrend from 0.7068, one more fall towards 0.6800 could be expected after the consolidation. On the upside, a breakout of the channel resistance would indicate that the downside movement had completed at 0.6864 already, then the following upside move could take the price to 0.7000 area.

AUDUSD 4-hour chart

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