FxWirePro: AUD/USD fails to break resistance at 0.7373, bearish in the short term
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 trad…
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.
