FxWirePro: AUD/USD Daily Outlook

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FxWirePro: AUD/USD Daily Outlook

Wednesday, May 20, 2020 10:43 AM UTC

AUD/USD chart - Trading View

Technical Analysis: Bias Bullish

GMMA Indicator:

- Major Trend: Turning bullish

- Minor Trend: Strongly bullish

Ichimoku Analysis:

- The pair is extending gains above daily cloud

- Minor pullbacks have bounced off Kijun Sen

Oscillators:

- RSI is above 60 with room to run further

- Stochs are biased higher, momentum bullish

- Bearish divergence on Stochs and RSI could dent upside

Bollinger Bands:

- Bollinger Bands are shrinking on the daily charts, volatility is low

- Upside capped at upper Bollinger band with 'Doji' formation on Tuesday's candle

High/Low:

- Previous Week High/Low - 0.6561/ 0.6402

- Previous Session High/Low - 0.6584/ 0.6509

Major Support Levels: 0.6499 (110-EMA), 0.6450 (21-EMA), 0.6417 (55-EMA)

Major Resistance Levels: 0.6579 (Upper BB), 0.6660 (200-DMA), 0.6675 (76.4% Fib)

Summary: Technical indicators are supportive of upside in the pair. But 'Bearish Divergence' on oscillators might dent upside. FOMC minutes will be crucial for further direction. Markets will watch for hints to economic and rate projections. Any new clues on negative rates could dent the USD, pushing the pair higher.

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