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.

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US President Trump will keep overshadowing macroeconomic data

The EUR/USD pair is heading to close the week with modest gains at around 1.1720, in another week were political jitters led the way for currencies. The greenback, which started the week on a soft note, got a nice boost from a confident Fed's head, Powell, who testifying before the Congress, gave an upbeat assessment of the economy.



Yohay Elam

The EUR/USD rallied on Trump's comments about low interest rates. Can it continue moving higher? The pair now faces substantial resistance.

The Technical Confluences Indicator shows that the pair will initially need to win over the 1.1655 level. This is the convergence of the Bolinger Band 4h-Middle, the Fibonacci 23.6% one-day, and the Fibonacci 23.6% one-week.

A move higher will face a congestion of resistance levels at the 1.1683 area where we see the Fibonacci 38.2% one-week, the one-day high, the Simple Moving Average 50-4h, the SMA 200-4h, and the Pivot Point one-day Resistance 1.

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