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. 

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 

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