AUD/USD has slipped towards 0.7188 levels after failing to break resistance level located at 0.7240 in the early Asian session today. The pair has declined below 0.7200 levels and is approaching to test support level at 0.7154.
- The resistance level at 0.7240 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 around 0.7220 levels.
- To the upside, the strong resistance can be seen at 0.7240 (61.8% Retracement level), a break above this level would take the pair towards next resistance level at 0.7283 (Nov 25th high).
- To the downside immediate support can be seen at 0.7154 (38.2% Retracement level), a break below this level will open the door towards next level at 0.7125 (Nov 5th lows).
Recommendation: Go short below 0.7200, targets 0.7150, 0.7100, SL 0.7250
Resistance Levels
R1: 0.7198 (50% Retracement level)
R2: 0.7240 (61.8% Retracement level)
R3: 0.7283 (Nov 25th high)
Support Levels
S1: 0.7154 (38.2% Retracement level)
S2: 0.7125 (Nov 5th lows)
S3: 0.7100 (23.6% Retracement level)
