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

AUD/USD declined to trade in lower range on Thursday as strong US jobless claims data strengthened the green back against its Australian peer.

• Currently the pair is making an attempt to test resistance level at 0.7533. 
   
• Further upside is expected to be limited as the pair finds strong resistance at 0.7570 which should limit upside and bring a decline towards lower levels. 
   
• Technically in the 4 hours chart, the pair has extended its decline below its 20 SMA, whilst the RSI heading south at 44.
   
• To the upside, the strong resistance can be seen at 0.7570, a break above this level would take the pair towards next resistance level at 0.7653.
   
• To the downside immediate support can be seen at 0.7501, a break below this level will open the door towards next level at 0.7474.
  
  Resistance Levels
  
  R1: 0.7533 (50% Retracement level)  
  
  R2: 0.7570 (61.8% Retracement level)
  
  R3: 0.7653 (March 23rd high)
  
  Support Levels
  
  S1: 0.7501 (38.2% Retracement level)
  
  S2: 0.7474 (Daily lows)
  
  S3: 0.7456 (23.6% Retracement level