AUD/USD Technical Analysis: Trading near weekly highs ahead of Australian inflation data

• AUD/USD has essentially been trading sideways since mid-June with the 0.7442 acting as strong resistance. 
• AUD/USD has also tested the current weekly high at 0.7439 but has been unable to break through it. 
• The RBA (Reserve Bank of Australia) trimmed mean Consumer Price Index (CPI) for the second quarter (Q2) and the CPI Q2 are both set to be released at 1:30 GMT on Wednesday. Lots of volatility can be expected. 

AUD/USD 15-minute chart 

Spot rate:                 0.7416
Relative change:      0.46%     
High:                        0.7436
Low:                         0.7359

Trend:                      Neutral

Resistance 1:          0.7442 June 25 high
Resistance 2:          0.7485-0.7488-0.7494 current week’s high, 200-period SMA (4h), 50-daily SMA
Resistance 3:          0.7600 figure
Resistance 4:          0.7674 swing high

Support 1:               0.7400 figure
Support 2:               0.7380 June 26 low
Support 3:               0.7364 June 28 high
Support 4:               0.7345 congestion zone
Support 5:               0.7310 current 2018 low