AUD/USD Renko with 0.001 Brick Size
Source: TradingView
The Verdict
Current Trend Direction: Bullish
Bias: Positive
Support Levels: 0.6833, 0.70140
Resistance Levels: 0.72715, 0.7407
Medium Term Path: I could see a grind higher for AUD/USD. There is a bullish Renko structure coupled with positive May seasonality. RBA rate hike expectations are also supporting the case for the upside. Firstly is the upper end of the range near 0.72215. Once that range is fully broken, a strong case is made for the 0.7407, particularly if rate differentials and risk appetite continue to favour the Aussie.
Price doesn’t go straight up so pullbacks are constructive. AUD/USD needs to hold above 0.7014 support and the long-term SMA on the Renko for it to remain positively biased.
