AUD/USD Technical Analysis: Corrective rally loses momentum

AUD/USD has breached a key rising trendline support, signaling the corrective rally from the recent low of 0.7310 has ended.
The worsening US-China trade tensions could keep AUD under pressure.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 0.7425

Daily High: 0.7459

Daily Low: 0.7407

Trend: Bearish

Resistance

R1: 0.7484 (July 10 high)

R2: 0.7494 (50% Fib R of June 6 high - July 2 low)

R3: 0.7537 (61.8% Fib R of June 6 high - July 2 low)

Support

S1: 0.7403 (descending 20-day moving average)

S2: 0.7361 (July 5 low)

S3: 0.7310 (July 2 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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