FxWirePro: AUD/USD key support at 0.7105, upside prevails in the short term

AUD/USD pair has made a short pullback towards 0.7159. Currently the pair is making an attempt to reach support level at 0.7106. Australian dollar is set to reach higher level, as the pair is supported strongly around 0.7106 levels and the price action is set to recover towards higher levels sooner or later. Therefore, it's good to buy this pair above 0.7140 levels.

• To the upside, the strong resistance can be seen at 0.7210, a break above this level would take the pair towards next resistance level at 0.7244.
• To the downside immediate support can be seen at 0.7157 (50 % Retracement level), a break below this level will open the gates towards next level at 0.7105 (61.8 % Retracement level).

Recommendation: Go long above 0.7141, targets 0.7200, 0.7240, 0.7080

Resistance Levels

R1: 0.7210 (38.2% Retracement level)
R2: 0.7244 (Oct 27th high)
R3: 0.7276 (23.6% Retracement level)

Support Levels

S1: 0.7157 (50 % Retracement level)
S2: 0.7105 (61.8 % Retracement level)
S3: 0.7066 (Oct 29th lows)