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  • AUD/USD reached a new 2018 low at 0.7345 this Thursday as the market almost reached the May 9, 2017 swing low at  0.7327.
  • AUD bulls are now trading above the hourly  50-period simple moving average as they are trying to form a double bottom with Tuesday’s low.  
  • Although the main trend is bearish, the bear momentum is starting to slow  down as the bulls are trying to create a reversal after reaching the new 2018 low.

AUD/USD 15-minute chart

Spot rate:                 0.7382
Relative change:       0.20%      
High:                        0.7395
Low:                         0.7345

Trend:                      Neutral to bullish above 0.7345

Resistance 1:           0.7412, former 2018 low (May 9)
Resistance 2:           0.7445 May 16 low
Resistance 3:           0.7476 May 29 low
Resistance 4:           0.7500-0.7514 area, figure and last week’s low  
   

Support 1:               0.7345, current 2018 low
Support 2:               0.7327, May 9, 2017 low  
Support 3:               0.7200 figure