- The Aussie is double-bottoming off a key level from May 2017.
- Bullish momentum is fueled by USD sell-off rather than Aussie buying, downside still remains the risk.
- With technical indicators leaning towards overbought conditions, buyers should wait for a pullback before pulling the trigger.
Spot rate: 0.7388
Relative change: 0.25%
High: 0.7392
Low: 0.7369
Trend: Flat
Support 1: 0.7369 (current day low)
Support 2: 0.7347 (key support; double bounce region)
Support 3: 0.7315 (161.8% Fibo level)
Resistance 1: 0.7408 (June 20th swing high)
Resistance 2: 0.7450 (R3 daily pivot)
Resistance 3: 0.7483 (23.6% weekly Fibo level)