AUD/USD Technical Analysis: Trade concerns send the Aussie lower

Trade concerns and slumping metals prices are driving the Aussie lower against the Greenback.
The AUD's bullish correction has ended and the pair is now heading to make a new low for 2018.
Daily candles show the pair swinging away from a new lower high.

Joshua Gibson FXStreet

AUD/USD Chart, 15-Minute

Spot rate:	0.7366
Relative change:	Negligible
High:	0.7369
Low:	0.7359

Trend:	Bearish

Support 1:	0.7359 (current day low)
Support 2:	0.7309 (2018 low)
Support 3:	0.7233 (S3 daily pivot)

Resistance 1:	0.7429 (61.8% Fibo retracement level)
Resistance 2:	0.7472 (July 10th swing high)
Resistance 3:	0.7483 (current 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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