• AUD/USD declined sharply on Tuesday after oil prices fell and the impact of dovish remarks from a top Federal Reserve official faded, boosting sentiment toward the greenback.
   
• Oil fell following a series of gloomy predictions about demand growth that suggested the global overhang of unused inventories may persist for much longer than investors had anticipated.
   
• Currently, the currency pair is trading around 0.7445 levels, it is set to decline further towards 0.7400and later towards 0.7350 levels in the short term.
   
• Strong support can be seen at 0.7411, a break below this level will expose the pair towards next support level located at 0.7372.
   
• Major resistance can be seen at 0.7540, a break above this level will open the gates towards 0.7570 levels.
  
  Resistance Levels
  
  R1: 0.7476 (50% Retracement Level)
  
  R2: 0.7540 (61.8% Retracement Level)
  
  R3: 0.7570 (Daily high)
  
  Support Levels
  
  S1: 0.7411 (38.2 % Retracement Level)
  
  S2: 0.7372 (June30th lows)
  
  S3: 0.7331 (23.6 % Retracement Level)