• AUD/USD inched higher to trade around 7 month high on Monday as strong gains in oil prices supported Aussie bulls.
  
  
• Much of the move in the Aussie dollar was due last week's unexpected acceleration in fourth quarter economic growth and further supported by strong surge in oil prices.
  
  
• 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 0.7414 which should limit downside and initiate rebound back towards higher side.
  
  
• To the upside, the strong resistance can be seen at 0.7500, a break above this level would take the pair towards next resistance level at 0.7600.
  
  
• To the downside immediate support can be seen at 0.7475, a break below this level will open the door towards next level at 0.7414.
  
  Resistance Levels
  
  R1: 0.7500 (Psychological levels)  
  
  R2: 0.7538 (38.2% Retracement level)
  
  R3: 0.7618 (23.6% Retracement level)
  
  Support Levels
  
  S1: 0.7475 (50% Retracement level)
  
  S2: 0.7414 (61.8% Retracement level)
  
  S3: 0.7390 (Daily lows)