AUD/USD rebounded strongly towards 0.7296 earlier in US session. However, the pair turned back after failing to break resistance level at 0.7300, as the Aussie ran out of strength against US dollar. The pair has to close above 0.7350 in order to find any bullish momentum unless until the pair remains under bears control.
- To the upside, the strong resistance can be seen at 0.7296 (Oct 23rd high), a break above this level would take the pair towards next resistance level at 0.7334.
- To the downside immediate support can be seen 0.7175, a break below this level will open the gates towards next level at 0.7150.
Recommendation: Go short below 0.7260, targets 0.7200, 0.7170, SL 0.7310
Resistance Levels
R1: 0.7240 (61.8% Retracement level)
R2: 0.7296 (Oct 23rd high)
R3: 0.7334 (Oct 15th high)
Support Levels
S1: 0.7175 (61.8 % Retracement level)
S2: 0.7150 (Oct 7th lows)
S3: 0.7120 (38.2% Retracement level)
