Technical analysis of AUDUSD on 4-hour timeframe: 02/05/2023

deltawriter 2 May 2023

Given the price movements of the AUDUSD currency pair and the formation of a bearish butterfly pattern, it is expected to create a long-term downtrend. If the level of 0.66967 is broken, it is expected first to touch the support level of 0.66427, and then 0.65925.

Considering the announcement of Australia’s cash rate in the early hours of Tuesday, which was higher than expected, price fluctuations are expected to be influenced by the speech of Philip Lowe, a member of the Reserve Bank of Australia, and the data on new jobs from the United States.

Therefore, given the constructive role of fundamental analysis in market movements, it is recommended to consider this news when analyzing market trends.

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