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  • The major AUD/USD pair double-bounced off of the 61.8% Fibo retracement level twice last week, but bullish momentum remains limited as the US Dollar looks primed for further upside on impending US Fed rate hikes.
  • July has been a consolidation month for the Aussie-Dollar, and traders should be looking for a momentum swing to break the current high/low barriers before picking a direction.

AUD/USD Chart, 15-Minute

Spot rate:   0.7398
Relative change:   Negligible
High:   0.7403
Low:   0.7395
Trend:   Flat to bearish
Support 1:   0.7373 (61.8% Fibo retracement level)
Support 2:   0.7358 (previous week low)
Support 3:   0.7317 (two week low)
Resistance 1:   0.7414 (Friday swing high)
Resistance 2:   0.7463 (previous week high)
Resistance 3:   0.7483 (one month high)