FxWirePro: AUD/USD hovers near 8-year high, short term outlook bearish

AUD/USD pair slipped sharply on from 8-month high on Monday as dollar gained strength on the back of expectations the Federal Reserve on Wednesday will give hint on timing of its next rate hike move.

• Further decline upside is expected to be limited as the resistance level at 0.7573 is set to hold the bulls from advancing further above and bring decline towards lower levels.
   
• To the upside, the strong resistance can be seen at 0.7573, a break above this level would take the pair towards next resistance level at 0.7630.
   
• To the downside immediate support can be seen at 0.7485 (, a break below this level will open the door towards next level at 0.7399.
  
  Resistance Levels
  
  R1: 0.7573 (61% Retracement level)
  
  R2: 0.7630 (May 31st high)
  
  R3: 0.7700 (Psychological levels)
  
  Support Levels
  
  S1: 0.7485 (50% Retracement level)
  
  S2: 0.7399 (38.2% Retracement level)
  
  S3: 0.7281 (23.6% Retracement level)