AUDUSD Analysis – May 5, 2023

The AUD/USD currency pair has been showing signs of bullishness lately, as it recently broke above the resistance level at 0.6716, signaling a resumption of the uptrend from 0.6573. The pair is now trading at its highest levels in nearly two weeks, and there are indications that it may continue to move higher.

The next target for the AUD/USD is now located at the new rising trend line on the 4-hour chart, with key resistance at 0.6780. As long as the trend line support holds, the upside movement could be expected to continue, and traders may look to buy on dips towards support levels.

Key support for the pair is currently located at 0.6639, and only a break below this level could trigger another fall towards the 0.6573 support level. However, this scenario seems unlikely at present, as the overall bias for the AUD/USD remains bullish.