AUD/USD Technical Analysis: Aussie remains confined by declining trendline depsite recovering from Fed selloff

The Aussie fell off steeply after the US Fed hiked interest rates by 25 bps, but recovered quickly and ended Wednesday mostly flat.
The run-up into Wednesdays US session gave a re-tap of the current descending trendline, confirming a bearish bias.
Long-term technical correction set to face challenges.

Joshua Gibson FXStreet

AUD/USD Chart, 1-Hour

Spot rate: 0.7578
Relative change: Negligible
High: 0.7579
Low: 0.7574

Trend: Bearish

Support 1: 0.7552 (61.8% 1-Month Fibonacci retracement level)
Support 2: 0.7529 (Wednesday low)
Support 3: 0.7475 (one month low)

Resistance 1: 0.7608 (Wednesday high, failed break of key major level)
Resistance 2: 0.7623 (current week high)
Resistance 3: 0.7676 (two-week high; technical top)

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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