FxWirePro: AUD/USD key resistance at 0.7120, sell deals are recommended around 0.7080

 

 

• 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.

• 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 1^st)

Support Levels

S1: 0.7037 (38.2% Retracement level)

S2: 0.7015 (Sep 9th   lows)

S3: 0.6997 (23.6% Retracement level)