AUD/USD Technical Analysis: Corrective rally loses momentum

• AUD/USD has breached a key rising trendline support, signaling the corrective rally from the recent low of 0.7310 has ended.
• The worsening US-China trade tensions could keep AUD under pressure.

Hourly chart

Spot Rate: 0.7425

Daily High: 0.7459

Daily Low: 0.7407

Trend: Bearish

Resistance

R1: 0.7484 (July 10 high)

R2: 0.7494 (50% Fib R of June 6 high - July 2 low)

R3: 0.7537 (61.8% Fib R of June 6 high - July 2 low)

Support

S1: 0.7403 (descending 20-day moving average)

S2: 0.7361 (July 5 low)

S3: 0.7310 (July 2 low)