AUD/USD Technical Analysis: Aussie back on the defensive against the Greenback

Aussie flubbed Tuesday as the Greenback rebounded against broader markets on a hawkish showing from Fed chair Powell.
Wednesday sees little action on the Aussie calendar, AUD/USD to be driven by market sentiment which currently leans Dollar-positive.
A break into recent lows will see a fresh challenge of the year's bottom near 0.7310.

Joshua Gibson FXStreet

AUD/USD Chart, 15-Minute

Spot rate:	0.7380
Relative change:	-0.05%
High:	0.7387
Low:	0.7378

Trend:	Bearish

Support 1:	0.7375 (previous day low)
Support 2:	0.7359 (previous week low)
Support 3:	0.7309 (2018 low; major technical bottom)

Resistance 1:	0.7400 (major technical level)
Resistance 2:	0.7416 (61.8% Fibo retracement level)
Resistance 3:	0.7441 (current week high)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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