FxWirePro: AUD/USD consolidating around 0.7480 levels, outlook bullish
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 econo…
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.
