FxWirePro: AUD/USD bounces off lows, more upside expected

AUD/USD edged higher on Friday as the US dollar weakened across the board following ECB's bold easing steps on Thursday.

• Adding to the Aussie surge was also due to further gain in Crude oil prices, as International Energy Agency (IEA) said in a report that markets may have reached its bottomed
• Currently the pair is making an attempt to test resistance level at 0.7573. 
• Further declined towards lower side is limited as the pair finds strong support  at  0.7468 which should limit downside and bring a rebound back towards higher levels. 
• To the upside, the strong resistance can be seen at 0.7631, a break above this level would take the pair towards next resistance level at 0.7680.
• To the downside immediate support can be seen at 0.7468, a break below this level will open the door towards next level at 0.7445.

Resistance Levels

• R1: 0.7573 (Session high)  
• R2: 0.7631 (38.2% Retracement level)
• R3: 0.7680 (June 28th high)

Support Levels

• S1:0.7468 (50% Retracement level)
• S2: 0.7445 (Daily lows)
• S3: 0.7323 (61.8% Retracement level)