• Australian dollar initially inched higher towards 0.7368 but fell back on renewed weakness.
   
• Currently the pair is approaching to test support level at 0.7317. 
   
• Further upside is expected to be limited as the pair finds strong resistance at 0.7394 which should limit upside and bring decline towards lower side. 
   
• To the upside, the strong resistance can be seen at 0.7394, a break above this level would take the pair towards next resistance level at 0.7446.
   
• To the downside immediate support can be seen at 0.7317, a break below this level will open the door towards next level at 0.7271.
  
  Resistance Levels
  
  R1: 0.7355 (50% Retracement level)  
  
  R2: 0.7394 (61.8% Retracement level)
  
  R3: 0.7446 (March 4th high)
  
  Support Levels
  
  S1: 0.7317 (38.2% Retracement level)
  
  S2: 0.7271 (23.6% Retracement level)
  
  S3: 0.7240 (Feb 27th high)