AUD/USD Technical Analysis: Aussie bulls waking up after fresh 2018 low at 0.7345

AUD/USD reached a new 2018 low at 0.7345 this Thursday as the market almost reached the May 9, 2017 swing low at 0.7327.
AUD bulls are now trading above the hourly 50-period simple moving average as they are trying to form a double bottom with Tuesday’s low.
Although the main trend is bearish, the bear momentum is starting to slow down as the bulls are trying to create a reversal after reaching the new 2018 low.

Flavio Tosti Independent Analyst

AUD/USD 15-minute chart

Spot rate: 0.7382
Relative change: 0.20%
High: 0.7395
Low: 0.7345

Trend: Neutral to bullish above 0.7345

Resistance 1: 0.7412, former 2018 low (May 9)
Resistance 2: 0.7445 May 16 low
Resistance 3: 0.7476 May 29 low
Resistance 4: 0.7500-0.7514 area, figure and last week’s low

Support 1: 0.7345, current 2018 low
Support 2: 0.7327, May 9, 2017 low
Support 3: 0.7200 figure

Author

Flavio Tosti

Independent Analyst

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