However, the price has been stuck for a few hours at the new lower resistance level of 0.7525. There is a little momentum against the U.S. Dollar today due to the slightly dovish FOMC release late yesterday, so if the price is unable to break above 0.7525, that would be a bearish sign. I have no directional bias on this pair today.
AUD/USD Daily Forecast - 3 May
Dailyforex.com, I wrote yesterday that I had a bearish bias below 0.7559, even though it looks as if 0.7500 was used as minor support. I also thought it was probably better to stand aside for the time being. My second point was just as well, as the price has in fact risen and seems to be carving out a bottom just below the 0.7500 area, which might indicate the start of a long or medium-term bullish reversal.
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