FX.co ★ Technical analysis of AUD/USD for May 30, 2018

In the long term, the AUD/USD pair continues to move downwards from the level of 0.7613. The pair dropped from the level of 0.7613 to the bottom of around 0.7413 (the double bottom). But the pair has rebounded from the bottom of 0.7413 closer to 0.7561. Today, the first support level is seen at 0.7508, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.7613, which coincides with the 50% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the AUD/USD pair is able to break out the first support at 0.7508, the market will decline further to 0.7460 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.7613 with the first target at 0.7508 and further to 0.7460. However, stop loss is to be placed above the level of 0.7661.