20.07.201505:57 Forex Analysis & Reviews: Technical analysis of AUD/USD for July 20, 2015

Long-term review

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Ahead of the major events, the aussie is trading lower against USD. Monetary policy meeting minutes ate due today, data on CPI and speech of RBA governor Stevens are scheduled for tomorrow.

Today, the pair opened on a bearish note. The nearest support zone is found at 0.7330, 0.7300, and 0.7250. In the daily chart, the pair closed below a neckline of a bearish h&s pattern. This indicates further lows in the coming weeks. The weekly resistance is seen at 0.7380, 0.7420, and 0.7500. Earlier, the pair made a double top at 0.7500. Use rises to sell until the price closes below 0.7500.

At the intraday session, selling is available below 0.7330 with targets at 0.7300, 0.7250, and 0.7220.

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