AUD/USD finds resistance at 0.6934, bearish in the short term

AUD/USD inched higher initially in the Asian session towards 0.6928 levels. However, the pair failed to advance further on renewed weakness as the pair was weighted down by declining oil prices. 

• Further upside is expected to be limited around 0.6950 levels as the resistance level at 0.7000  is set to act as strong barrier to bulls and initiate a bearish momentum towards 0.6840 and later towards 0.6780 levels. 
   
• To the upside, the strong resistance can be seen at 0.6934, a break above this level would take the pair towards next resistance level at 0.7000.
   
• To the downside immediate support can be seen at 0.6864, a break below this level will open the door towards next level at 0.6800.
  
  Recommendation: Go short below 0.6900, targets 0.6840, 0.6780, SL 0.6980
  
  Resistance Levels
  
  R1: 0.6898 (50% Retracement level)  
  
  R2: 0.6934 (61.8% Retracement level)
  
  R3: 0.7000 (Jan 15th high)
  
  Support Levels
  
  S1: 0.6864 (38.2% Retracement level)
  
  S2: 0.6823 (23.6% Retracement level)
  
  S3: 0.6800 (Psychological levels)