AUDUSD Analysis – May 8, 2023

The AUDUSD currency pair has been showing a strong uptrend from its low of 0.6573. Currently, the pair is trading above a rising trend line on the 4-hour chart, indicating that the trend is still intact. As long as the trend line support holds, the uptrend will likely continue.

The next resistance level for AUDUSD is at 0.6805, followed by 0.6880. These levels could act as potential targets for traders who are bullish on the pair. On the downside, the trend line support is the key level to watch. A break below the trend line could signal a reversal in the trend and bring the price back towards the 0.6573 support level.

Overall, the outlook for AUDUSD appears to be bullish, with the pair remaining in the uptrend from 0.6573. However, traders should closely monitor the trend line support and be prepared for any potential reversals or pullbacks. A break below the trend line support could signal weakness in the uptrend and a potential shift in the market sentiment towards the downside.