AUD/USD Daily Analysis – Wednesday, May 22

AUD/USD failed to break above the resistance of the price channel on the 4-hour chart, suggesting that the pair remains in the downtrend from 0.7068. Further decline could be expected and the next target would be at 0.6800 area. Only break above the channel resistance could bring the price back to 0.7000 area.

AUDUSD 4-hour chart

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