• AUD/USD rebounded strongly on Monday as weak US factory data weighted on green back and strengthened Australian dollar.
   
• Currently the pair is making an attempt to test resistance level at 0.7662. 
   
• Further upside is expected to be limited as the pair finds strong resistance at 0.7704 which should limit upside and bring a decline towards lower levels. 
   
• To the upside, the strong resistance can be seen at 0.7704 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 0.7623, a break below this level will open the door towards next level at 0.7570.
  
  Resistance Levels
  
  R1: 0.7662 (50% Retracement level)  
  
  R2: 0.7704 (61.8% Retracement level)
  
  R3: 0.7766 (March 23rd high)
  
  Support Levels
  
  S1: 0.7623 (38.2% Retracement level)
  
  S2: 0.7570 (23.6% Retracement level)
  
  S3: 0.7547 (23.6% Retracement level)