• The pair declined sharply on Tuesday after Reserve Bank of Australia surprised the market by cutting its cash rate to record low.
   
• The central bank cut its cash rate by a quarter point to record low of 1.75 percent at is monthly policy meeting to insulate the economy from growing deflation.
   
• Currently the currency pair is trading around 0.7510 levels, it is set to decline further towards 0.7450 later towards 0.7400 levels in the short term.
   
• Strong support can be seen at 0.7488, a break below this level will expose the pair towards next support level located at 0.7453.
   
• Major resistance can be seen at 0.7542, a break above this level will open the gates towards 0.7580 levels.
  
  Resistance Levels
  
  R1: 0.7515 (50% Retracement Level)
  
  R2: 0.7542 (61.8% Retracement Level)
  
  R3: 0.7580 (April 8th high)
  
  Support Levels
  
  S1: 0.7488 (38.2 % Retracement Level)
  
  S2: 0.7453 (23.6 % Retracement Level)
  
  S3: 0.7425 (March 10th lows)