- AUD/USD pulled back from 0.7588 level to test resistance level at 0.7633 on soft US data. It is expected that pair will falter once again below 0.7658 (61.8% Retracement level) which is a strong resistance area.
- The pair is currently trading around 0.7628. It is expected decline further towards 0.7600 and later 0.7550.
- Short rally around 0.7650 should be taken as advantage for selling opportunities, As AUD dollar is stronger against the US dollar in the short term due to soft US data.
- To the upside, the strong resistance sits near 0.7658, A break above this level would take it to upside to next resistance level at 0.7700 level.
Recommendation: Go short below 0.7650, targets 0.7600, 0.7550, SL 0.7740
Resistance Levels
R1: 0.7634
R2: 0.7658 (61.8% Retracement level)
R3: 0.7687
Support Levels
S1: 0.7609 (38.2 % Retracement level of 0.7735 to 0.7532)
S2: 0.7588
S3: 0.7556
