AUDUSD analysis for 19.05.2017

There are no important economic reports in Australia or the US to influence AUDUSD. The support rests in 0.73980 with resistance at 0.74420 which both lines are below the weekly pivot point at 0.73800. The EMA of 10 is moving with bullish bias along the descendant channel and it is located below the EMA of 200 and above the EMA of 100. The RSI is rising towards the overbought area, the MACD indicator is in positive territory and the Stochastic is showing upward momentum. The ADX is showing buy signals. The price is above the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend. Long positions are recommended targeting 0.75. https://fxglory.com/10793/