AUD/USD Technical Analysis: 0.7300 level is a tough resistance - Aussie set for small bear move

AUD/USD main bear trend is being challenged as the market is trading near the 50-day simple moving average (DMA) and the multi-month bear trendline from late January 2018. Bulls want to breakout above those levels.
However, in the short-term, AUD/USD is capped by 0.7300 figure, the 50-day simple moving average (DMA) and the multi-month bear trendline.
A mild pullback down seems likely with 0.7236 (August 24 low) and 0.7200 figure as potential bear targets.

Flavio Tosti Independent Analyst

AUD/USD daily chart

Spot rate: 0.7258
Relative change: -0.43%
High: 0.7283
Low: 0.7252

Main trend: Bearish

Resistance 1: 0.7294-0.7307 August 13 high, 50 DMA
Resistance 2: 0.7383 August 21 high
Resistance 3: 0.7485 July 10 high

Support 1: 0.7255 August 13 low
Support 2: 0.7236 August 24 low
Support 3: 0.7200 figure August 15 low
Support 4: 0.7144 September 5 low
Support 5: 0.7085, 2018 low
Support 6: 0.7000 figure
Support 7: 0.6830 January 15, 2016 low

Author

Flavio Tosti

Independent Analyst

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