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  • The Aussie is poking into fresh September highs, but a descending trendline remains firmly in place off of lower highs, with the 50-day EMA sitting nearby.
  • The mood in the Asia market session is riding high, taking the AUD higher as metals and commodities prices get bolstered by renewed market sentiment, but intrinsic factors for the Aussie remain subdued, leaving the major pair primed for a bearish continuation.
  • Sellers will be looking for a momentum stall near current peaks before rolling over into new short positions.

AUD/USD Chart, 15-Minute

Spot rate 0.7261
Relative change Negligible
High 0.7269
Low 0.7256
   
Trend Bullish
   
Support 1 0.7210 (previous day low)
Support 2 0.7195 (200-hour EMA)
Support 3 0.7141 (current week low)
   
Resistance 1 0.7275 (current weekly high)
Resistance 2 0.7292 (50-day EMA)
Resistance 3 0.7381 (August 21st swing high)