AUD/USD Technical Analysis: near highs but looking soft

The Aussie is poking into fresh September highs, but a descending trendline remains firmly in place off of lower highs, with the 50-day EMA sitting nearby.
The mood in the Asia market session is riding high, taking the AUD higher as metals and commodities prices get bolstered by renewed market sentiment, but intrinsic factors for the Aussie remain subdued, leaving the major pair primed for a bearish continuation.
Sellers will be looking for a momentum stall near current peaks before rolling over into new short positions.

Joshua Gibson FXStreet

AUD/USD Chart, 15-Minute

Spot rate	0.7261
Relative change	Negligible
High	0.7269
Low	0.7256

Trend	Bullish

Support 1	0.7210 (previous day low)
Support 2	0.7195 (200-hour EMA)
Support 3	0.7141 (current week low)

Resistance 1	0.7275 (current weekly high)
Resistance 2	0.7292 (50-day EMA)
Resistance 3	0.7381 (August 21st swing 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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