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AUD/USD Technical Analysis: Aussie testing the 0.7400 level

  • AUD/USD failed to generate bullish momentum on the first day of the week.  
  • AUD/USD bears drove the pair back to the 0.7400 round figure as the Aussie retraced almost 50% of its last leg higher started last Thursday.
  • If AUD/USD bulls fail to support the market near 0.7400 a retest of the 0.7380 former congestion zone can be on the cards.

AUD/USD 15-minute chart

Spot rate:                 0.7400
Relative change:       -0.64%      
High:                        0.7444
Low:                         0.7397

Trend:                      Bullish above 0.7345

Resistance 1:           0.7410 June 20 high  
Resistance 2:           0.7446 last week’s high
Resistance 3:           0.7476 May 29 low
Resistance 4:           0.7500-0.7514 area, figure and last week’s low  

Support 1:               0.7380 former congestion zone  
Support 2:               0.7345 current 2018 low
Support 3:               0.7327 May 9, 2017 low  

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