AUD/USD Technical Analysis: Aussie getting comfortable near 0.74

The major AUD/USD pair double-bounced off of the 61.8% Fibo retracement level twice last week, but bullish momentum remains limited as the US Dollar looks primed for further upside on impending US Fed rate hikes.
July has been a consolidation month for the Aussie-Dollar, and traders should be looking for a momentum swing to break the current high/low barriers before picking a direction.

Joshua Gibson FXStreet

AUD/USD Chart, 15-Minute

Spot rate:	0.7398
Relative change:	Negligible
High:	0.7403
Low:	0.7395

Trend:	Flat to bearish

Support 1:	0.7373 (61.8% Fibo retracement level)
Support 2:	0.7358 (previous week low)
Support 3:	0.7317 (two week low)

Resistance 1:	0.7414 (Friday swing high)
Resistance 2:	0.7463 (previous week high)
Resistance 3:	0.7483 (one month 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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