AUDUSD Holds Past 0.6600 Marks Amid Renewed Greenback Weakness


AUDUSD Price Analysis – May 28

The AUDUSD pair rapidly regained about 80 pips into the European/American session from the low of the Asian session and was last seen trading near the top end of its daily trading range, firmly beyond the 0.6650 marks. The FX pair is bolstered by new optimism that there might be less severe economic recession over pandemic lockdown than anticipated.

Key Levels
Resistance Levels: 0.7031, 0.6878, 0.6684
Support Levels: 0.6515, 0.6265, 0.5906

AUDUSD Long term Trend: Bullish
The daily price action is bullish and optimistic of a fresh assault past the horizontal level of resistance at 0.6684, a significant breach of it could imply a reinforcement of a larger uptrend from 0.5506 (19 Mar low).

Its near-term activity is forecast to continue skewed higher on proven close beyond the former high at 0.6612 (reinforced by rising moving average 5), with elongated slides to soaring moving average 13 (0.6515) not to badly negatively affect bulls.

AUDUSD Short term Trend: Bullish
With the 4 hour RSI crossing above 50 reading, the intraday bias in AUDUSD is shifted bullish. The attention is focused on the key resistance level of 0.6684. A rejection from there, backed up by a support level of 0.6515, would imply tops over the short term.

The intraday bias might well first be shifted back to the downside for support level 0.6402. The continuous breach of 0.6684 level, though, may see larger bullish consequences and aim for next level resistance of 0.7031.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.