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AUD/USD strongly rebounded on Monday erasing some losses suffered on Friday as slight weakness in US dollar supported Aussie bulls.
- However, further upside is expected to be limited as the pair finds strong resistance at 0.7600 which should limit upside and bring a decline towards lower levels.
- Technically in the 4 hours chart, the pair finds strong resistance at 50-day moving average, whilst the RSI slightly heading south at 50.
- To the upside, the strong resistance can be seen at 0.7578, a break above this level would take the pair towards next resistance level at 0.7600.
- To the downside immediate support can be seen at 0.7515, a break below this level will open the door towards next level at : 0.7492 .
Resistance Levels
R1: 0.7558 (Daily high)
R2: 0.7578 (61.8% Retracement level)
R3: 0.7600 (Psychological levels)
Support Levels
S1: 0.7515 (38.2% Retracement level)
S2: 0.7492 (Psychological levels)
S3: 0.7475 (23.6% Retracement level)
