• The AUD/USD declined sharply on Thursday as Australian dollar pressured by lower commodity prices and firmer dollar across the board.
   
• Much of the Aussie weakness came after the Fed made positive comments on the job market, reinforcing expectations of a rate hike in June.
   
• Also undermining the Aussie was a sharp 6.5 percent fall in iron ore on Wednesday.
   
• The pair hit session lows at 0.7381, before retreating slightly to trade around 0.7398 levels in the afternoon US session.
   
• The currency pair remains under bears control unless until it trades below 0.7478 resistance level, therefore it is good to sell this pair on rally.
   
• To the upside, the strong resistance can be seen at 0.7478, a break above this level would take the pair towards next resistance level at 0.7545.
   
• To the downside immediate support can be seen at 0.7380, a break below this level will open the door towards next level at 0.7319.
  
  Resistance Levels
  
  R1: 0.7430 (50% Retracement level)
  
  R2: 0.7478 (61.8% Retracement level)
  
  R3: 0.7545 (May 3rd lows)
  
  Support Levels
  
  S1: 0.7380 (38.2% Retracement level)
  
  S2: 0.7319 (23.6% Retracement level)
  
  S3: 0.7300 (Psychological levels)