FxWirePro: AUD/USD gains some upside momentum but still bearish

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)