AUD/USD Weekly Analysis – Monday, May 7

AUD/USD remains in the downtrend from 0.7813, the bounce from 0.7472 is likely consolidation for the downtrend. Range treading between 0.7472 and 0.7590 would likely be seen in a couple of days. As long as 0.7590 resistance holds, the downtrend could be expected to resume and another fall towards 0.7300 is possible after the consolidation. Only a breakout of 0.7590 resistance could signal completion of the downtrend.

AUDUSD 4-hour chart

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