AUD/USD Technical Analysis: Aussie trying to regain 0.74 on USD weakness

• The Aussie is double-bottoming off a key level from May 2017.
• Bullish momentum is fueled by USD sell-off rather than Aussie buying, downside still remains the risk.
• With technical indicators leaning towards overbought conditions, buyers should wait for a pullback before pulling the trigger.

AUD/USD Chart, 15-Minute

Spot rate:            0.7388
Relative change: 0.25%
High:                   0.7392
Low:                    0.7369

Trend:                 Flat

Support 1:           0.7369 (current day low)
Support 2:           0.7347 (key support; double bounce region)
Support 3:           0.7315 (161.8% Fibo level)

Resistance 1:      0.7408 (June 20th swing high)
Resistance 2:      0.7450 (R3 daily pivot)
Resistance 3:      0.7483 (23.6% weekly Fibo level)