Technical Analysis of AUD/USD for May 14, 2020

By | May 14, 2020
InstaForex
Technical Analysis of AUD/USD for May 14, 2020

Relevance up to 05:00 2020-05-15 UTC–5

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Overview:

The AUD/USD pair (Australian Dollar) pulls back from major level, for that the AUD/USD pair fell from the top of 0.6548 to close at the 0.6400 level.

We are still looking for bullish market as long as the price is set above the area of 0.6350. The AUD/USD pair will continue to rise from the level of 0.6443.

The support is found at the level of 0.6443, which represents the 50% Fibonacci retracement level in the H1 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 0.6443, while immediate resistance is seen at 0.6548. Accordingly, the AUD/USD pair is showing signs of strength following a breakout of a high at 0.6443.

So, buy above the level of 0.6500 with the first target at 0.6548 in order to test the daily resistance 1 and move further to 0.6614. Also, the level of 0.6614 is a good place to take profit because it will form second resistance. Amid the previous events, the pair is still in an uptrend; for that we expect the AUD/USD pair to climb from 0.6443 to 0.6614 today.

However, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.6443, a further decline to 0.6338 can occur, which would indicate a bearish market. But we are still looking for a bullish market as long as the price is set above the spot of 0.6388.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2020

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