Lower highs from 0.7277, base forming near 0.7100.
AUDUSD has carved a series of lower highs from the 0.7277 month high, but downside momentum stalled into the 0.7079-0.7110 zone where buyers stepped in twice to form a double bottom base. Price has since drifted back into the middle of the recent range, with the swing high at 0.7182 capping the recovery and the EMA50 still overhead. ATR(14) has compressed to ~21 pips, consistent with the tight consolidation seen over the last several sessions ahead of Wednesday's Australia April CPI.
Support: 0.7140, 0.7108, 0.7079
Resistance: 0.7182, 0.7220, 0.7277
What it said to watch
H4 close above 0.7182 swing high opens path to the 0.7220 prior pivot
Loss of 0.7108 base low reopens the 0.7079 range low
Australia April CPI on Wednesday could materially shift this read
Lower highs and lower lows since 0.7277 peak, basing near 0.7090.
Price rolled over from 0.7277 into a multi-week lower-high, lower-low sequence, bottoming twice near 0.7080-0.7090 and now grinding back toward the 50% retrace at 0.7178. ATR(14) has compressed to around 21 pips as the bounce stalls under that retrace, with EMA20 reclaimed but EMA50 still capping overhead. MUFG commentary flagging stretched AUD positioning aligns with the supply seen at the 0.7178 zone.
Support: 0.7140, 0.7108, 0.7079
Resistance: 0.7178, 0.7220, 0.7277
What it said to watch
H4 close above 0.7178 50% retrace opens path toward the 0.7220 swing high
Failure to hold 0.7140 swing low reopens the 0.7080 range low
Loss of 0.7079 prior low confirms downtrend continuation