FxWirePro: AUD/USD fails to break resistance at 0.7522, sell deals are recommended below 0.7550

 

• AUD/USD fell back from 0.7534 level (July 6^st  high ) and is trying to test support level at  0.7493 (38.2% Retracement level).

• The pair is currently trading around 0.7508 level. It is expected decline further towards 0.7470 and later 0.7400.

• Short rally around 0.7550 should be taken as advantage for selling opportunities, as Aussie dollar is weak against the US dollar in the short term.

• To the upside, the strong resistance sits 0.7550 (61.8% Retracement level), A break above this level would take it to upside to next resistance level at 0.7586.

• To the downside immediate support sits at 0.7493 (38.2% Retracement level), a break below this level will take the pair to next level at 0.7458.

Recommendation: Go short below 0.7550, targets 0.7500, 0.7450, SL 0.7630

Resistance Levels

R1: 0.7522           

R2: 0.7550 (61.8% Retracement level of 0.7645 to 0.7400)

R3: 0.7586

Support Levels

S1: 0.7493 (38.2% Retracement level)

S2: 0.7458           

S3: 0.7408