AUDUSD Recovers Toward Session Highs Around 0.6462 Level After a Positive Data Release

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AUDUSD Price Analysis – May 7

AUDUSD continues reversal from recent lows thereby pushing buyers close to 0.6462 level, up 1.00 percent on the day, into European session on Thursday from the Asian Session. Figures from the Aussie market were the new impetus for the pair’s U-turn following risk-off sentiments. With Australia expected to reopen its economy from Friday, the AUD will continue to grow.

Key Levels
Resistance Levels: 0.7031, 0.6878, 0.6569
Support Levels: 0.6434, 0.5959, 0.5506

AUDUSD Long term Trend: Ranging

A convergence of moving average 5 and 13 near 0.6434 level limits the further downside of the pair, a breach of these can pull the FX spot to April 21 low close to 0.6265. On the opposite, the high moving average of 5 close to 0.6462 level and April month high near to 0.6569 level may further restrict the pair’s near-term upside.

With no definite indication of trend reversal yet in the larger context. The broader downward trend from level 1.1079 (high) level still supports extending. Projections of 1.1079 to 0.6878 from 0.8135 to 0.5506  levels are already met at 61.8 percent. There might be a prolonged break opening the way towards the level at 0.4773 (low).

AUDUSD Short term Trend: Bullish

At this level, the intraday bias in AUDUSD holds steady. We might also foresee a decline to stretch lower from 0.6569 short term high level. On the contrary, the initial goal is 0.6265 support level beneath 0.6352 marks.

A breakdown would most suggest the conclusion of the entire increase from level 0.5506 and aim a 38.2 percent retraction of 0.5506 to 0.6569 at levels 0.6213. In the upside, a breach of 0.6569 level would then accelerate the recovery to 0.6684 main resistance level.

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