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9 Aug 2018
AUD/USD Technical Analysis: bulls trapped under 0.7440
- The Aussie remains trapped firmly within eight weeks of consolidation, but AUD bulls are coming out of the woodwork to keep the AUD/USD propped up near range highs.
- Consolidation is wreaking havoc on technical indicators, which are biased towards midranges.
- Trend traders will want to see a break and retest of current consolidation levels.
AUD/USD Chart, 1-Hour
| Spot rate: | 0.7424 |
| Relative change: | Negligible |
| High: | 0.7437 |
| Low: | 0.7412 |
| Trend: | Flat to bearish |
| Support 1: | 0.7373 (current week low) |
| Support 2: | 0.7347 (previous week low) |
| Support 3: | 0.7317 (four-week low) |
| Resistance 1: | 0.7439 (current week high) |
| Resistance 2: | 0.7463 (four-week high) |
| Resistance 3: | 0.7483 (July technical top) |