18 Sep 2018
AUD/USD Technical Analysis: backing down on tariff talk
- The Aussie is getting knocked lower in early Tuesday action after the US announced $200 billion in tariffs against China, to take effect September 24th.
- Risk appetite will be taking a turn downside heading through the week after President Trump also threatened another $267 billion in tariffs if China responds, which is highly expected.
- The RBA showing today is unlikely to drive much bullish momentum for the AUD/USD as trade steps to the forefront.
AUD/USD Chart, 15-Minute
| Spot rate | 0.7152 |
| Relative change | -0.30% |
| High | 0.7183 |
| Low | 0.7150 |
| Trend | Sideways to bearish |
| Support 1 | 0.7141 (previous day low) |
| Support 2 | 0.7085 (previous week low) |
| Support 3 | 0.7000 (major technical level) |
| Resistance 1 | 0.7170 (convergence of 200, 50, and 21-hour EMAs) |
| Resistance 2 | 0.7196 (previous day high) |
| Resistance 3 | 0.7229 (previous week high) |