AUD/USD pares gains in European session, good to sell on rallies

• RES 4 :0.8115
  
  
• RES 3: 0.8074 (Apr 29^th high)

• RES 2: 0.8000 (61.8% retracement of 0.8074 and 0.79028)

• RES 1: 0.7938 (Mar 24^th high)

      PRICE: 0.79138 @ 11:14 GMT 

• SUP 1: 0.7898 (34 day 4H EMA)
  
  
• SUP 2: 0.7853 (55 day 4HEMA)
  
  
• SUP 3: 0.0.7729 (200 day HMA)

• SUP 4: 0.7660 (61.8% retracement of 0.755 and 0.7840)

   Commentary:

AUD/USD has retreated after making a high of 0.8074 and this confirms that it has formed temporary top around 0.8074, a decline till 0.7840 is possible.

On the minor support is around 0.7898 and weakness can be seen below that level.

Indicator (4 hour)

Woodies CCI (14) - Sell

CCI (50) - Sell

Ichimoku- Sell

It is good to sell on rallies around 0.7950 for the targets of 0.7840 with stop around 0.8000.