Technical analysis of AUDUSD dated 17.05.2016

AUDUSD is affected by two major economic reports in the US as Building Permits and Core CPI for April. The pair tried to rally and move in higher ranges yesterday but could not go beyond 0.73619 and created a strong resistance there. The resistance level breakout can push the line higher targeting 0.7400. The support lies at 0.73050 with resistance at 0.73870 which both lines are below the monthly pivot point at 0.76440. The EMA of 10 is moving below the EMA 50 showing the price fall in the last 10 days. The RSI is presenting a buy signal while the MACD is still in negative territory. The Stochastic signal is not clear yet but it is showing upward tendency. If the pair follows the Andrews’ pitchfork then it would be testing 0.6826 on the downside and on the other hand the resistance level breakout will create a good buy opportunity for buyers.

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