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AUDUSD Technical Analysis

Started by forex4you, May 30, 2023, 05:54 pm

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AUDUSD Technical Analysis

On the daily chart below, we can
see that the ADUUSD pair has finally broken out of the 3-month long range it's
been stuck in since the Silicon Valley Bank collapse. The big USD strength came
from stronger than expected US economic data that made the market to reprice
interest rates expectations on the hawkish side.

There's a feeling that the Fed
may need to get to 6% FFR before really pausing as the data has shown data that
the economy is not weak enough to bring inflation back to the 2% target. The
price has recently pulled back to the broken support
turned resistance
in what looks like a retest before a continuation
to the downside.

AUDUSD Technical Analysis

On the 4 hour chart below, we can
see that AUDUSD pulled back last week into the 0.6563 resistance where we also find the confluence from the trendline and the 38.2% Fibonacci
retracement
level. This will be a key resistance zone and the
buyers will need the price to break above it before getting the conviction for
a rally towards the 0.66 handle or beyond. The sellers, on the other hand, will
lean on this resistance with a defined risk above it to target a break below
the recent low and then the 0.63 handle.

On the 1 hour chart below, we can
see that right now we have this consolidation beneath the 0.6563 resistance. As
previously mentioned, the buyers will need a break above the strong resistance
zone and the trendline to target new higher highs as at the moment the
technicals and the fundamentals are skewed heavily to the downside.

If the sellers missed the short
from the resistance, we may see more of them coming in once the price breaks
below the 0.65 swing low. The main event of this week is the US NFP report and the market may even
trade into it given the strong labour market data we got up to now.
Nevertheless, higher than expected figures should support the USD, while lower
than expected readings should weaken the greenback.



                This article was written by ForexLive  at www.forexlive.com.

Source: AUDUSD Technical Analysis

forexlive.com
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