In today’s Asian trading session, the Australian Dollar experienced a decline against the US Dollar, currently positioned below the 0.6700 threshold. This movement reflects a quieter day on the economic front for Australia, with no significant data releases scheduled. Conversely, market participants are keenly awaiting the release of the Initial Jobless Claims data from the United States, which is anticipated to provide fresh insights into the labor market’s health and could potentially influence monetary policy decisions.
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Technical analysis
Time Frame: 1 hour
AUDUSD Support & Resistance Table – 16/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 0.6716 | Daily R2 |
| Resistance 1 | 0.6700 | Daily R1 |
| Support 1 | 0.6660 | Daily S1 |
| Support 2 | 0.6644 | Daily S2 |
AUDUSD Indicator Table – 16/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
AUDUSD Indicator / Period Table – 16/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Sell |
| MACD( 12;26;9) | Buy | Buy | Sell |
| RSI (14) | Sell | Buy | Neutral |
| SMA 20 | Buy | Buy | Sell |
AUDUSD 16/05/2024 – Reference Price : 0.6682
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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