AUDUSD Weekly Analysis – Sunday, May 6

AUDUSD broke below 0.7501 support and extended its downside movement from 0.8135 to as low as 0.7472.

A 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

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