FxWirePro: AUD/USD key support at 0.7220, upside prevails in the short term

AUD/USD pair inched higher in the US session after US GDP figures failed to impress the dollar bulls. After the US data release the pair managed to rebound breaking 50% fib levels and is approaching immediate resistance level located at 0.7246. Currently the pair is making an attempt to rebound back towards 0.7300 levels as the Aussie bulls have regained strength in the backdrop of weaker dollar and rising oil prices. 

• The support level at 0.7220 is set to act as strong barrier to bears and initiate further bullish momentum towards 0.7300 and later towards 0.7340 levels. Therefore, it's good to buy this pair on dips.
   
• To the upside, the strong resistance can be seen at 0.7258, a break above this level would take the pair towards next resistance level at 0.7305.
   
• To the downside immediate support can be seen at 0.7220, a break below this level will open the gates towards next level at 0.7184.
  
  Recommendation: Go long around 0.7220, targets 0.7280, 0.7340, SL 0.7180
  
  Resistance Levels
  
  R1: 0.7246 (Daily high)
  
  R2: 0.7258 (38.2% Retracement level)
  
  R3: 0.7305 (23.6% Retracement level)
  
  Support Levels
  
  S1: 0.7220 (50 % Retracement level)
  
  S2: 0.7184 (61.8 % Retracement level)
  
  S3: 0.7158 (Nov 23rd lows)