AUD/USD Technical Analysis: Coiling around 0.7400 level
|- AUD/USD is having trouble finding a clear direction as it is coiling around the 0.7400 figure.
- The 50-period simple moving average has now crossed above the 100 and 200 SMA suggesting a mild bullish bias with 0.7415 and 0.7442 as first resistances. To the downside, support is likely located near 0.7400, 0.7380 and 0.7364 June 28 high.
- AUD/USD has been in a barbwire pattern since mid-June. This environment generally favors return-to-the-mean trading strategies.
AUD/USD 15-minute chart
Spot rate: 0.7406
Relative change: 0.04%
High: 0.7415
Low: 0.7385
Trend: Neutral
Resistance 1: 0.7415 current July 30 high
Resistance 2: 0.7442 June 25 high
Resistance 3: 0.7485-0.7488-0.7494 area, current week’s high, 200-period SMA (4h), 50-daily SMA
Resistance 4: 0.7600 figure
Resistance 5: 0.7674 swing high
Support 1: 0.7400 figure
Support 2: 0.7380 June 26 low
Support 3: 0.7364 June 28 high
Support 4: 0.7345 congestion zone
Support 5: 0.7310 current 2018 low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.