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 resistance level at 0.9108.
   
• Technically in the 4 hours chart, the pair has extended its decline below its 20 SMA, whilst the RSI heading south at 47.
   
• To the upside, the strong resistance can be seen at 0.7176, a break above this level would take the pair towards next resistance level at 0.7242.
   
• To the downside immediate support can be seen at 0.7043, a break below this level will open the door towards next level at 0.7000.
  
  Recommendation: Go short around 0.7130, targets 0.7040, 0.6950, SL 0.7200
  
  Resistance Levels
  
  R1: 0.7108 (50% Retracement level)
  
  R2: 0.7176 (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 (Feb 3rd high)