AUDUSD Analysis – May 2, 2023

The AUDUSD currency pair has been in an uptrend in the short term, having broken above the falling trend line on the 4-hour chart. This suggests that the downside movement from the high of 0.6771 has already completed at 0.6573. As a result, further upward movement can be expected, with the next target at 0.6760.

At present, the support level is at the rising trend line on the 4-hour chart, and as long as this level holds, the uptrend is likely to continue. However, if the price breaks below this level, it could indicate that the uptrend has ended, and the price could move back towards 0.6573.

Traders and investors in the AUDUSD pair should keep a close eye on these support and resistance levels, as they can indicate potential shifts in market sentiment and provide opportunities for trading.