FxWirePro: AUD/USD key resistance at 0.7350, sell deals are recommended below 0.7325

 

• AUD/USD rebounded strongly after Employment Cost Index came at historical lows. The pair hit daily high at 0.7364 levels and is retreating back from highs. The pair is expected to decline further towards 0.7280 and later 0.7220 in the short term.

• The resistance level at 0.7350 is likely to hold the Aussie bulls and push the pair downwards, therefore short rally near 0.7325 should be taken as advantage for selling opportunities.

• To the upside, the immediate resistance can be seen at 0.7350 (July 29^th highs), A break above this level would take it to next resistance level at 0.7364 (July 31^st high), to the downside, the first support level lies at 0.7325 (July 27^th high).                         

Recommendation: Go short below 0.7325, targets 0.7270, 0.7240, SL 0.7380

Resistance Levels

 

R1: 0.7350 (July 29^th highs)                           

R2: 0.7364 (July 31^st high)

R3: 0.7393 (July 23^rd high)

Support Levels

S1: 0.7325 (July 27^th high)

S2: 0.7302 (61.8% Retracement level)

S3: 0.7280 (July 29^th lows)