• The AUD/USD inched higher in the European session despite disappointing Chinese inflation figures. But found renewed bearish momentum after failing to break resistance level at 0.7373.
   
• Currently the currency pair is trading around 0.7351 levels, it is set to decline further towards 0.7300 later towards 0.7250 levels in the short term.
   
• Short pullback around 0.7360 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading.
   
• Strong support can be seen at 0.7289, a break below this level will expose the pair towards next support level located at 0.7200.
   
• Major resistance can be seen at 0.7373, a break above this level will open the gates towards 0.7441 levels.
  
  Resistance Levels
  
  R1: 0.7373 (50% Retracement Level)
  
  R2: 0.7441 (61.8% Retracement Level)
  
  R3: 0.7514 (May5th high)
  
  Support Levels
  
  S1: 0.7340 (38.2 % Retracement Level)
  
  S2: 0.7289 (23.6 % Retracement Level)
  
  S3: 0.7200 (Psychological levels)