• 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)