FxWirePro: AUD/USD consolidating around 0.7165 levels, outlook bullish
AUD/USD inched higher on Tuesday as strong rebound in oil prices supported Aussie bulls. Much of the move was due strong rebound in oil prices after Wall Street rally boosted crude oil prices. Currently the pair is makin…
AUD/USD inched higher on Tuesday as strong rebound in oil prices supported Aussie bulls.
Much of the move was due strong rebound in oil prices after Wall Street rally boosted crude oil prices.
Currently the pair is making an attempt to test support level at 0.9178.
Further decline is expected to be limited as the pair finds strong support at 0.7100 which should limit downside and initiate rebound back towards higher side.
To the upside, the strong resistance can be seen at 0.7178, a break above this level would take the pair towards next resistance level at 0.7226.
To the downside immediate support can be seen at 0.7128, a break below this level will open the door towards next level at 0.7100.
Recommendation: Go long around 0.7130, targets 0.7200, 0.72500, SL 0.7060
