AUDUSD Technical Analysis – May 31, 2021

AUDUSD fell on Friday, the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 0.77030, and multiple resistance levels can be seen above which may prevent the price from rising further.

  • Resistance level 1: 0.77150
  • Resistance level 2: 0.77300
  • Resistance level 3: 0.77450

Below the price, multiple support levels can be seen which may prevent the price from falling.

  • Support level 1: 0.76850
  • Support level 2: 0.76600
  • Support level 3: 0.76370

The Reserve Bank of Australia will announce the latest interest rate resolution and monetary policy statement on Tuesday. The Hawkish views and the decision to raise interest rates show that it is favorable for the Australian dollar, so it is bullish for the AUDUSD currency pair and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the AUDUSD currency pair near the current level.