May 2, 2017
AUDUSD moved above 0.7540 resistance, indicating that the downward movement from 0.7610 had completed at 0.7439 already. Further rise could be expected in a couple of days and next target would be at the top of the price channel on 4-hour chart. As long as the channel resistance holds, the price action from 0.7473 would possibly be consolidation of the longer term downtrend from 0.7749 and another fall towards 0.7300 is possible after the consolidation. Only a clear break above the channel resistance could signal completion of the downtrend from 0.7749.
