AUDUSD Analysis – May 3, 2023

AUDUSD has been exhibiting a bullish trend, rallying from its low of 0.6573. However, it is currently facing a critical support level at the rising trend line on the 4-hour chart. If this support is breached, it could signal a bearish turn and lead to a fall towards 0.6550.

On the other hand, if the trend line support holds, the pair could continue to remain in the uptrend from its low of 0.6573. In this scenario, a further rise towards 0.6800 could be expected.

Traders should pay close attention to the price action at the trend line support level and any significant breakout or reversal above or below this level could signal the next major move for the pair.