AUDUSD Daily Analysis – Wednesday, May 16

AUDUSD pulled back to 0.7445 area after touching 0.7560 resistance. However, the pullback is likely correction for the uptrend from 0.7412, another rise could be expected after the correction and next target would be at 0.7650 area.

Only a breakdown below 0.7412 support could trigger another downside movement towards 0.7300.

AUDUSD 4-hour chart

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