FxWirePro: AUD/USD extends rally above 0.7400, scope for further upside

The AUD/USD inched higher on Monday as commodity currency strengthened across the board after oil prices rose towards $52 per barrel.
The Australian dollar was also supported by higher iron ore prices which firmed following a sharp retreat, combined with receding concerns over China.
The Australian dollar edged up to $0.7445, from $0.7385 early and away from a four-month trough of $0.7329.
Currently, the currency pair is trading at 0.7426 levels, it is set to advance future towards 0.7450 and 0.7480 levels in the short term.
To the upside, immediate resistance can be seen at 0.7444, a break above this level would take the pair towards next resistance level at 0.7492.
To the downside immediate support can be seen at 0.7396, a break below this level will open the door towards next level at 0.7333.

Resistance Levels

R1: 0.7444 (50% Retracement level)

R2: 0.7492 (61.8% Retracement level)

R3: 0.77556 (May 2nd high)

Support Levels

S1: 0.7396 (38.2% Retracement level)

S2: 0.7333 (23.6% Retracement level)

S3: 0.7300 (Psychological levels)

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