• AUD/USD pair declined on Wednesday as dollar rose across the board on the expectation that increased U.S government spending could trigger higher inflation.
   
• That prospect triggered dollar demand across the board, and raised expectations that U.S. interest rates will rise faster than previously anticipated.
   
• Currently, the currency pair is trading around 0.7488 levels, it is set to decline further towards 0.7450 later towards 0.7400 levels in the short term.
   
• To the upside, immediate resistance can be seen at 0.7500, a break above this level would take the pair towards next resistance level at 0.7555.
   
• To the downside, immediate support can be seen at 0.7449, a break below this level will open the door towards next level at 0.7418.​
  
  Resistance Levels
  
  R1: 0.7500 (50% Retracement level)
  
  R2: 0.7555 (61.8% Retracement level)
  
  R3: 0.7581 (Nov 15th  high)​
  
  Support Levels
  
  S1: 0.7449 (38.2% Retracement level)
  
  S2: 0.7418 (July 27th lows)
  
  S3: 0.7381 (23.6% Retracement level)