13.06.201914:55 Forex Analysis & Reviews: Technical analysis of AUD/USD for May 13, 2019

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Overview:

The AUD/USD pair is set above strong support at the levels of 0.6937 and 0.6980. This support has been rejected four times confirming the uptrend. The major support is seen at the level of 0.6937, because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend in the area of 0.6937 and 0.6980. The AUD/USD pair is trading in the bullish trend from the last support line of 0.6937 towards thae first resistance level of 0.7000 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 0.7000 and further to the level of 0.7112. The level of 0.7112 will act as the major resistance and the double top is already set at the point of 0.7112. At the same time, if there is a breakout at the support levels of 0.6937 and 0.6980, this scenario may be invalidated.

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