FxWirePro: AUD/USD dips below lower range, bearish bias increases

AUD/USD slipped lower on Tuesday as weak commodities prices and a looming policy meeting by Federal Reserve on Wednesday weighted down Australian dollar against the greenback.

• Further upside is expected to be limited as the resistance level at 0.7573 is set to hold the bulls from advancing further above and bring decline towards lower levels.
   
• To the upside, the strong resistance can be seen at 0.7524, a break above this level would take the pair towards next resistance level at 0.7573.
   
• To the downside immediate support can be seen at 0.7450, a break below this level will open the door towards next level at 0.7399.
  
  Resistance Levels
  
  R1: 0.7485 (50% Retracement level)
  
  R2: 0.7524 (March 15th high)
  
  R3: 0.7573 (61% Retracement level)
  
  Support Levels
  
  S1: 0.7450 (Daily lows)
  
  S2: 0.7399 (38.2% Retracement level)
  
  S3: 0.7281 (23.6% Retracement level)