AUDUSD Daily Analysis – Friday, May 4

AUDUSD broke above the falling trend line on its 4-hour chart, suggesting that the downtrend from 0.7813 had completed at 0.7472 already.

A further rally would likely be seen in the coming days and the target would be at 0.7650 area. Support is at 0.7472, only a breakdown below this level could trigger another fall towards 0.7300.