FxWirePro: AUD/USD approaching resistance level at 0.7448, sell deals are recommended below 0.7445

 

• AUD/USD bounced back from 0.7370 level (July 8^st  lows ) and is trying to test resistance level at  0.7448 (61.8% Retracement Level).

• The pair is currently trading around 0.7431 levels. It is expected decline further towards 0.7400 and later 0.7350.

• Short rally around 0.7450 should be taken as advantage for selling opportunities, as Aussie dollar is weak against the US dollar in the short term.

• To the upside, the strong resistance sits 0.7450 (61.8 % Retracement level), A break above this level would take it to upside to next resistance level at 0.7473.

• To the downside immediate support sits at 0.7420, a break below this level will take the pair to next level at 0.7390 levels.

Recommendation: Go short below 0.7450, targets 0.7380, 0.7350, SL 0.7550

Resistance Levels

R1: 0.7450 (61.8 % Retracement level of 0.7496 to 0.7295 )                           

R2: 0.7460

R3: 0.7473 (July 7^th high)

Support Levels

S1:0.7420

S2: 0.7390           

S3: 0.7371 (July 8^th lows)