FxWirePro: AUD/USD fails to break resistance at 0.7265, bearish in the short term
The pair has found renewed bearish momentum after failing to break resistance level at 0.7265 and is approaching to test support level located at 0.7222. Currently the currency pair is trading around 0.7222 levels, it is…
The pair has found renewed bearish momentum after failing to break resistance level at 0.7265 and is approaching to test support level located at 0.7222.
Currently the currency pair is trading around 0.7222 levels, it is set to decline further towards 0.7200 later towards 0.7150 levels in the short term.
Short pullback around 0.7240 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading.
Strong support can be seen at 0.7159, a break below this level will expose the pair towards next support level located at 0.7104.
Major resistance can be seen at 0.7265, a break above this level will open the gates towards 0.7312 levels.
Recommendation: We prefer short around 0.7240, targets 0.7200, 0.7150, SL 118.30.
