FxWirePro: AUD/USD key resistance at 0.7312, bearish in the short term

AUD/USD has rebounded strongly after finding support at 0.7159 and is trading around 0.7230 levels, the resistance level at 0.7261 is set to hold the bulls from advancing further above and push the pair downwards in the short term, as the US dollar is set to strengthen across the board against Australian dollar ahead of US rate hike decision on Wednesday.

• Strong support can be seen at 0.7159, a break below this level will expose the pair towards next support level located at 0.7104.
   
• Major resistance can be seen at 0.7261, a break above this level will open the gates towards 0.7312 levels.
  
  Recommendation: We prefer short around 0.7260, targets 0.7200, 0.7150, SL 0.7330
  
  Resistance Levels
  
  R1: 0.7244 (Daily high) 
  
  R2: 0.7261 (61.8% Retracement Level)
  
  R3: 0.7312 (Dec 10th high)
  
  Support Levels
  
  S1: 0.7226 (50 % Retracement Level)
  
  S2: 0.7187 (38.2 % Retracement Level)
  
  S3: 0.7159 (Daily lows)