AUD/USD has slipped towards 0.7050 levels after failing to break resistance level located at 0.7080 in the early Asian session today. However, the pair has managed to rebound after testing support level located at 0.7037. The pair is making an attempt once again to test resistance level at 0.7080. The resistance level at 0.7080 is set to act as strong barrier to bulls and initiate a bearish momentum towards 0.7040 and later towards 0.7685 levels. Therefore, it’s good to sell this pair below 0.7080 levels.
To the upside, the strong resistance can be seen at 0.7120 (61.8% Retracement level), a break above this level would take the pair towards next resistance level at 0.7154 (Sep 1st).
To the downside immediate support can be seen at 0.7037 (38.2% Retracement level), a break below this level will open the door towards next level at 0.7015 (Sep 9th lows)
Recommendation: Go short below 0.7080, targets 0.7000, 0.7685, SL 0.7180
Resistance Levels
R1: 0.7078 (50% Retracement level)
R2: 0.7120 (61.8% Retracement level)
R3: 0.7154 (Sep 1st)
Support Levels
S1: 0.7037 (38.2% Retracement level)
S2: 0.7015 (Sep 9th lows)
S3: 0.6997 (23.6% Retracement level)
