AUD/USD Technical Analysis: pair primed to get trapped by recent swing highs near 0.7450

The Aussie is testing into recent highs, and consistent technical constraint at recent swing highs leads the AUD/USD to be primed for another bearish rollover.
Failure to push upwards and claim last week's highs above 0.7440 will see a quick turnaround into recent lows targeting 0.7300.
The Aussie sees little data ahead of Wednesday's CPI reading, and traders may be looking to fade a potentially bullish showing for a positive Australian data release.

Joshua Gibson FXStreet

AUD/USD Chart, 15-Minute

Spot rate:	0.7425
Relative change:	0.16%
High:	0.7436
Low:	0.7414

Trend:	Flat to bullish
Support 1:	0.7391 (38.2% Fibo retracement level)
Support 2:	0.7353 (common constraint level)
Support 3:	0.7317 (previous week low)

Resistance 1:	0.7440 (July 19th swing high)
Resistance 2:	0.7483 (July high)
Resistance 3:	0.7504 (R2 daily pivot)

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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