Main Quotes Calendar Forum
flag

FX.co ★ AUD/USD Outlook for May 2, 2023

parent
Forex Analysis:::2023-05-02T12:24:03

AUD/USD Outlook for May 2, 2023

AUD/USD Outlook for May 2, 2023

The market reacted to the results of today's RBA meeting with a sharp strengthening of the Australian dollar and a surge of the AUD/USD pair upward, breaking through the round resistance level of 0.6700 and reaching an intraday high of 0.6716. However, the price has not yet managed to overcome the strong resistance level of 0.6710 (50 EMA on the daily chart), and at the beginning of today's European trading session, AUD/USD has slightly retreated from today's high.

AUD/USD Outlook for May 2, 2023

The first signal for resuming short positions could be the breakdown of the 0.6691 support level (200 EMA on the 4-hour chart) with a target at the 0.6651 support level (200 EMA on the 1-hour chart). The nearest target of this breakdown will be the lower boundary of the downward channel on the daily chart and the 0.6570 mark.

In general, below the key resistance levels 0.6790 (200 EMA on the daily chart), 0.6815 (50 EMA on the weekly chart), 0.7040 (144 EMA on the weekly chart, and 38.2% Fibonacci correction in the wave decline from the level of 0.9500 in July 2014 to multi-year lows and the level of 0.5500 reached in March 2020), 0.7100 (200 EMA on the weekly chart), AUD/USD remains in the long-term bear market zone.

AUD/USD Outlook for May 2, 2023

In an alternative scenario, a confirmed breakout of the local resistance level of 0.6710 could be a signal for buyers of the pair and provoke further growth of AUD/USD towards resistance levels 0.6760 (144 EMA and the upper line of the downward channel on the daily chart), 0.6790 (200 EMA on the daily chart). Their breakout will bring the pair into the medium-term bull market zone.

Support levels: 0.6691, 0.6651, 0.6635, 0.6600, 0.6570, 0.6500, 0.6455, 0.6390, 0.6285, 0.6200, 0.6170

Resistance levels: 0.6700, 0.6710, 0.6760, 0.6790, 0.6800, 0.6815, 0.6900, 0.6920, 0.7000, 0.7040, 0.7100

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...