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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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