AUD/USD Technical Analysis: Aussie trading back above 0.7400 ahead of Fed's Powell Speech

  • The Chairman of the Federal Reserve Bank of the US, Jerome Powell is set to speak at 17:30 GMT which can cause a lot of volatility in USD-related pairs. 
  • AUD/USD has retraced about 61.8% of the losses made on Wednesday, suggesting that the pullback up might be coming to an end. Additionally, AUD/USD is trading inside a rising wedge which is a rather bearish clue. 
  • AUD/USD bulls will now try to defend the 0.7400 figure while bears will try hard to push below it. 

AUD/USD 15-minute chart 

Spot rate:                 0.7414
Relative change:      0.65%     
High:                        0.7421
Low:                         0.7360

Trend:                      Bearish

Resistance 1:          0.7442 June 25 high
Resistance 2:          0.7485-0.7488-0.7494 current week’s high, 200-period SMA (4h), 50-daily SMA
Resistance 3:          0.7600 figure
Resistance 4:          0.7674 swing high

Support 1:               0.7400 figure
Support 2:               0.7380 June 26 low
Support 3:               0.7364 June 28 high
Support 4:               0.7345 congestion zone
Support 5:               0.7310 current 2018 low

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