AUD/USD Technical Analysis: backing down as tensions continue on trade

The Aussie is seeing further downside in Tuesday's early sessions, facing back down below 0.7250 after peaking in the overnight session at 0.7263.
China tensions continue to press down on risk assets in the Pacific-Asia region as Shanghai continues to lash out at the US over tariffs which came into effect yesterday.
Today's bearish action sees the Aussie continuing to grind its way back into the 200-hour EMA at 0.7235, a major confluence with the 21-day EMA as well.

Joshua Gibson FXStreet

AUD/USD Chart, 1-Hour

Spot rate	0.7245
Week's change	-0.20%
Previous week high	0.7304
Previous week low	0.7141

Support 1	0.7235 (200-hour EMA, 21-day EMA)
Support 2	0.7216 (September 16th swing high)
Support 3	0.7200 (major technical level)

Resistance 1	0.7264 (50-hour EMA)
Resistance 2	0.7289 (50-day EMA)
Resistance 3	0.7304 (previous week 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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