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18.05.201802:48 Forex Analysis & Reviews: Technical analysis of AUD/USD for May 18, 2018

Long-term review

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Overview:

The AUD/USD pair will continue to rise from the level of 0.7490. The support is found at the level of 0.7490, 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 0.7490, while immediate resistance is seen at 0.7535. Accordingly, the AUD/USD pair is showing signs of strength following a breakout of a high at 0.7509. So, buy above the level of 0.7509 with the first target at 0.7535 in order to test the daily resistance 1 and move further to 0.7550.

Also, the level of 0.7568 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the AUD/USD pair to climb from 0.7509 to 0.7568 today. At the same time, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7490, a further decline to 0.7450 can occur, which would indicate a bearish market.

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