AUD/USD Technical Analysis: Aussie finding resistance near 0.7440 level

• AUD/USD bulls broke above the 0.7400 level and drove the price near the 0.7442 resistance after which the market retreated to find support at the 0.7413 level. AUD/USD bullish advance was also capped by the 50-daily simple moving average at 0.7446. 
• AUD/USD is in its 8th consecutive week of trading range. Bulls objective is to breakout above 0.7442 in order to escape the range and reach the 0.7500 figure. On the flip side, bears wish to keep the market contained below the 0.7442 level in order to drive the market on the opposite side of the range near 0.7345 demand level.  

AUD/USD 15-minute chart

AUD/USD daily chart

Spot rate:                 0.7422
Relative change:      0.48%     
High:                        0.7441
Low:                         0.7381

Trend:                      Neutral to bullish

Resistance 1:          0.7442 July 31 high
Resistance 2:          0.7463 July 26 high
Resistance 3:          0.7500 figure
Resistance 4:          0.7600 figure
Resistance 5:          0.7674 swing high

Support 1:               0.7413 current August 3 high
Support 2:               0.7400 figure
Support 3:               0.7380 June 26 low
Support 4:               0.7364 June 28 high
Support 5:               0.7345 demand level
Support 6:               0.7310 current 2018 low