FX.co - AUD/USD Update forMay 17, 2023 - Rejection of the support level

2023-05-17T07:24:34

Relevance until2023-05-18

Technical analysis:

AUD/USD Update forMay 17, 2023 - Rejection of the support level

AUD/USD has been trading downside yesterday but I found bullish divergence in the momentum and rejection of the support zone at 0.6636

Due to the rejection of the support area and the bullish divergence, I see potential for the further rally towards upside refenreces.

Upside objectives are set at the price of 0.6670 and 0.6705

MACD oscillator is showing bullish divergence and potential for the further growth.

Support level is set at the price of 0.6636

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ AUD/USD Update forMay 17, 2023 - Rejection of the support level