FxWirePro: AUD/USD consolidating around 0.7273 levels, outlook bullish
AUD/USD inched higher to trade around one month high on Thursday as strong rebound in oil prices and Brexit fears supported Aussie bulls. Much of the move was due rise in metal prices and also due heavy selling in the po…
AUD/USD inched higher to trade around one month high on Thursday as strong rebound in oil prices and Brexit fears supported Aussie bulls.
Much of the move was due rise in metal prices and also due heavy selling in the pound on concerns of Britain's exit from Eurozone.
Currently the pair is making an attempt to test support level at 0.9260.
Further decline is expected to be limited as the pair finds strong support at 0.7190 which should limit downside and initiate rebound back towards higher side.
To the upside, the strong resistance can be seen at 0.7237, a break above this level would take the pair towards next resistance level at 0.7291.
To the downside immediate support can be seen at 0.7191, a break below this level will open the door towards next level at 0.7145.
Recommendation: Go long around 0.7150, targets 0.7240, 0.7300, SL 0.7100 Resistance Levels
