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  • The Aussie is testing into recent highs, and consistent technical constraint at recent swing highs leads the AUD/USD to be primed for another bearish rollover.
  • Failure to push upwards and claim last week’s highs above 0.7440 will see a quick turnaround into recent lows targeting 0.7300.
  • The Aussie sees little data ahead of Wednesday’s CPI reading, and traders may be looking to fade a potentially bullish showing for a positive Australian data release.

AUD/USD Chart, 15-Minute

Spot rate:   0.7425
Relative change:   0.16%
High:   0.7436
Low:   0.7414
Trend:   Flat to bullish
Support 1:   0.7391 (38.2% Fibo retracement level)
Support 2:   0.7353 (common constraint level)
Support 3:   0.7317 (previous week low)
Resistance 1:   0.7440 (July 19th swing high)
Resistance 2:   0.7483 (July high)
Resistance 3:   0.7504 (R2 daily pivot)