AUD/USD Technical Analysis: Aussie below 0.7400 sees worst daily decline since mid-June

AUD/USD exceeded its average daily range this Wednesday after the Aussie formed a double top on Monday and Tuesday. AUD/USD is currently finding some minor support at 0.7364, the June 28 high but the level should not hold.
If the positively-correlated gold sell-off and broad-based USD demand stay in place, AUD/USD bear momentum is set to continue.
The next scaling points to the downside are likely located near 0.7364 June 28 high, 0.7345 congestion zone and 0.7310 current 2018 low while resistance can be expected near the 0.7400 figure.

Flavio Tosti Independent Analyst

AUD/USD 15-minute chart

Spot rate: 0.7364
Relative change: -1.26%
High: 0.7462
Low: 0.7363

Trend: Bearish

Resistance 1: 0.7380 June 26 low
Resistance 2: 0.7400 figure
Resistance 3: 0.7442 June 25 high
Resistance 4: 0.7485-0.7488-0.7494 current week’s high, 200-period SMA (4h), 50-daily SMA
Resistance 5: 0.7600 figure
Resistance 6: 0.7674 swing high

Support 1: 0.7364 June 28 high
Support 2: 0.7345 congestion zone
Support 3: 0.7310 current 2018 low

Author

Flavio Tosti

Independent Analyst

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