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  • 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.

AUD/USD Chart, 15-Minute

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)