FxWirePro: AUD/USD bounces off lows, but more downside expected

AUD/USD declined to trade in lower range on Monday as strong US wage data on Friday strengthened the green back against its Australian peer.

• Adding to the Aussie decline was also due to further fall in Crude oil prices, as no outcome came out of Saudi -Venezuela meeting to boost oil prices.
   
• Currently the pair is making an attempt to test support level at 0.9190.
   
• Further upside is expected to be limited as the pair finds strong resistance at 0.7000 which should limit upside and initiate bearish movement towards lower side.
   
• To the downside immediate support can be seen at 0.7000, a break below this level will open the door towards next level at 0.6960.
• 
  Recommendation: Go short around 0.7130, targets 0.7080, 0.7000, SL 0.7180
  
  Resistance Levels
  
  R1: 0.7108 (50% Retracement level)
  
  R2: 0.7175 (61.8% Retracement level)
  
  R3: 0.7242 (Feb 4th high)
  
  Support Levels
  
  S1: 0.7043 (38.2% Retracement level)
  S2: 0.7000 (Psychological levels)
  
  S3: 0.6960 (23.6% Retracement level)