AUD/USD Technical Analysis: Aussie bulls reclaim 0.7400 post-US GDP

• AUD/USD is set to close the week virtually unchanged for the sixth consecutive week.
• AUD/USD gained about 40 pips from the daily lows on the back of some USD weakness after the release of the US Gross Domestic Product Annualized (GDP) for the second quarter which came in line with expectations at 4.1% while the Core Personal Consumption Expenditures for the second quarter came slightly below expectations at 2% versus 2.2% forecast.
• AUD/USD bulls have a slight advantage  as the 50-period simple moving average (SMA) crossed above the 100 SMA. Resistances the upside are located near 0.7442 June 25 high and the 0.7485-0.7488-0.7494 area.

AUD/USD 15-minute chart  

Spot rate:                 0.7400
Relative change:      0.30%      
High:                        0.7416
Low:                         0.7369

Trend:                      Neutral

Resistance 1:          0.7442 June 25 high
Resistance 2:          0.7485-0.7488-0.7494 area, current week’s high, 200-period SMA (4h), 50-daily SMA
Resistance 3:          0.7600 figure
Resistance 4:          0.7674 swing high

Support 1:               0.7400 figure
Support 2:               0.7380 June 26 low
Support 3:               0.7364 June 28 high
Support 4:               0.7345 congestion zone
Support 5:               0.7310 current 2018 low