AUD/USD Prediction – May 17
Initially, the market valuation of AUD/USD witnessed a high closely underneath the point of 0.7900 before it lost the momentum to the downside to touch support around 0.7700. Currently, price makes a slight rebound to trade closer below the point of 0.7800 at a 0.68% increase.
AUD/USD Market
Key Levels:
Resistance levels: 0.7900, 0.8000, 0.8100
Support levels: 0.7700, 0.7600, 0.7500
AUD/USD – Daily Chart
It is revealed on the AUD/USD daily chart that the market valuation has reversed against its uptrend path to find support around the level of 0.7700 on May 13th day’s trading time. The bullish trend-line is drawn in a supportive instrument to the smaller SMA that is located around the level of 0.77000. The 50-day SMA indicator is underneath the 14-day SMA trend-line as they slightly point to the north. The Stochastic Oscillators are almost into the oversold region. They now seemingly attempting crossing around range 40 back to the north as a candlestick has appeared stemming to the upside already.
Will the AUD/USD 0.7700 line now serve as a baseline?
Considering a baseline for an uptrend return of this market presently, the AUD/USD bulls will have to hold stronger in their pushes against the downside off from the support level of 0.7700. Like in the recent past, the major resistance trading zone militating against the bullish trend continuation of this fiat-currency pair is still at the level of 0.7900. A bullish candlestick needed to form against the line to signal an actual return of the upswing.
On the contrary, a less-active price action made in the market toward the 0.7900 immediate resistance point will most likely see it testing or trading around it featuring a line of variant higher lows that may lead into a range-bound trading situation. However, with a long hold against a further uptrend movement at that zone, bears may easily decide to take up the market control once again.
Summarily, the AUD/USD market operation has lowered down trading at the level of 0.7700 to find support. And, at that level, that point is expected to be the key zone that current moves should be in the favor of upsides. Therefore, it should as well serve as the strong line against more sustainable downsides.
AUD/USD 4-hour Chart
The AUD/USD medium-term chart has shown that the currency pair has returned into its range-trading levels of 0.7700 and 0.7800. The market fell back into the range zones on May 12 to touch the lower point. But, it is now gradually rebounding closely towards the upper line. The 14-day SMA closely bent near the top of the 50-day SMA indicator attempting to cross back to the north to suggest a return of an uptrend move. The Stochastic Oscillators are now in the overbought region briefly pointing to the north. That suggests the possibility that the base currency will push further in the next session as paired with the US Dollar.
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