AUD/USD Technical Analysis: Aussie consolidating last week’s 100-pip bull move

AUD/USD has been consolidating last week’s 100-pip bull move in the first two days of the week. The current pullback is likely coming to an end as it reached 0.7380, former congestion zone support.
The consolidation is seen as a bull flag and a breakout above the trendline should send Aussie towards 0.7446 last week's high.
However, a bear breakout below 0.7380 can see AUD/USD retrace back towards 0.7345 current 2018 low.

Flavio Tosti Independent Analyst

AUD/USD 15-minute chart

Spot rate: 0.7397
Relative change: -0.23%
High: 0.7425
Low: 0.7380

Trend: Bullish

Resistance 1: 0.7410 June 20 high
Resistance 2: 0.7446 last week's high
Resistance 3: 0.7476 May 29 low
Resistance 4: 0.7500-0.7514 area, figure and last week’s low

Support 1: 0.7391 intraday supply/demand zone
Support 2: 0.7380 former congestion zone
Support 3: 0.7345 current 2018 low
Support 4: 0.7327 May 9, 2017 low

Author

Flavio Tosti

Independent Analyst

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