AUD/USD bounces back from session lows at 0.7247, to currently trade at 0.7260, day's range 0.7242/75.
- Could base at 0.7278 is seen as a strong resistance zone, pair unable to close above from past few days
- Weekly price action has been contained between 10 DMA at 0.7157 and 20 DMA at 0.7319, long-term momentum is bearish
- Pair could extend range trade between the 2 averages till we see a convincing break on either sides
- Immediate resistance for the pair is seen at 0.7273 (Daily Tenkan), while support on the downside is located at 0.7242 (session low) and then at 0.7220 (55 EMA)
Recommendation: We find it good to go short on rallies around 0.7265, SL: 0.7280, TP: 0.7220
Resistance Levels:
R1: 0.7273 (Daily Tenkan)
R2:0.7278 (Could base)
R3: 0.7279 (10 DMA)
Support Levels:
S1: 0.7242 (session low)
S2: 0.7220 (55 EMA)
S3: 0.7165 (Oct 8 low)
