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23 Jul 2018
AUD/USD Technical Analysis: pair primed to get trapped by recent swing highs near 0.7450
- 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) |