AUDUSD Retains Upside Risk After Staging Modest Rebound Past 0.6569 Level
Login

AUDUSD Retains Upside Risk After Staging Modest Rebound Past 0.6569 Level

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

AUDUSD Price Analysis – May 21

The AUDUSD pair climbed to its highest level in the previous session since early March at 0.6616, before entering a consolidation period after staging a moderate rebound past 0.6569 level. The pair witnessed some lengthy-unwinding force on Thursday and appears to have broken two consecutive days of winning run in the US dollar market in the middle of a strong rebound.

Key levels
Resistance Levels: 0.7031, 0.6878, 0.6684
Support Levels: 0.6515, 0.6402, 0.6265

AUDUSD Long term Trend: Ranging
AUDUSD keeps giving bullish indications in the daily period as the market further strengthened its two-month-old uptrend after climbing to 0.6400 level and posting one other higher to 0.6616 as of the previous session.

We would still anticipate growth to be restricted by the main resistance of 0.6684 level, at least on the initial attempt. On the downside, a breach of 0.6402 support level may imply balancing in the near term and transform bias to the downside for 0.6265 support level.

AUDUSD Short term Trend: Bullish
In the short term, it is impossible to rule out some vulnerability as the price is floating around the moving average of 5 and 13 as well as the RSI appears to be losing steam towards its 50 neutral marks. That being said, any retracement may not be a major concern unless the market closes beneath the 0.6400 marks and continues to worsen within the upward trendline support.

If the currency exchange rate trends toward the ascending channel, however, a decline to the level of 0.6515 could be highly anticipated. If another upward trend continues, over the next few sessions, the AUDUSD pair may begin to surge.

Note: learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News