AUD/USD Technical Analysis: Coiling around 0.7400 level

• AUD/USD is having trouble finding a clear direction as it is coiling around the 0.7400 figure.
• The 50-period simple moving average has now crossed above the 100 and 200 SMA suggesting a mild bullish bias with 0.7415 and 0.7442 as first resistances. To the downside, support is likely located near 0.7400, 0.7380 and 0.7364 June 28 high.
• AUD/USD has been in a barbwire pattern since mid-June. This environment generally favors return-to-the-mean trading strategies.  

AUD/USD 15-minute chart  

Spot rate:                 0.7406
Relative change:      0.04%      
High:                        0.7415
Low:                         0.7385

Trend:                      Neutral

Resistance 1:          0.7415 current July 30 high
Resistance 2:          0.7442 June 25 high
Resistance 3:          0.7485-0.7488-0.7494 area, current week’s high, 200-period SMA (4h), 50-daily SMA
Resistance 4:          0.7600 figure
Resistance 5:          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