AUD/USD Technical Analysis: Coiling around 0.7400 level

AUD/USD is having trouble finding a clear direction as it is coiling around the 0.7400 figure.
The 50-period simple moving average has now crossed above the 100 and 200 SMA suggesting a mild bullish bias with 0.7415 and 0.7442 as first resistances. To the downside, support is likely located near 0.7400, 0.7380 and 0.7364 June 28 high.
AUD/USD has been in a barbwire pattern since mid-June. This environment generally favors return-to-the-mean trading strategies.

Flavio Tosti Independent Analyst

AUD/USD 15-minute chart

Spot rate: 0.7406
Relative change: 0.04%
High: 0.7415
Low: 0.7385

Trend: Neutral

Resistance 1: 0.7415 current July 30 high
Resistance 2: 0.7442 June 25 high
Resistance 3: 0.7485-0.7488-0.7494 area, current week’s high, 200-period SMA (4h), 50-daily SMA
Resistance 4: 0.7600 figure
Resistance 5: 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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