- The Aussie is testing into recent highs, and consistent technical constraint at recent swing highs leads the AUD/USD to be primed for another bearish rollover.
- Failure to push upwards and claim last week’s highs above 0.7440 will see a quick turnaround into recent lows targeting 0.7300.
- The Aussie sees little data ahead of Wednesday’s CPI reading, and traders may be looking to fade a potentially bullish showing for a positive Australian data release.
Spot rate: | 0.7425 |
Relative change: | 0.16% |
High: | 0.7436 |
Low: | 0.7414 |
Trend: | Flat to bullish |
Support 1: | 0.7391 (38.2% Fibo retracement level) |
Support 2: | 0.7353 (common constraint level) |
Support 3: | 0.7317 (previous week low) |
Resistance 1: | 0.7440 (July 19th swing high) |
Resistance 2: | 0.7483 (July high) |
Resistance 3: | 0.7504 (R2 daily pivot) |