FxWirePro: AUD/USD key resistance at 0.7350, sell deals are recommended below 0.7330

 

 

• AUD/USD failed to break key resistance at 0.7350 and is retreating back to test support level at 0.7294 (July 28^th lows).

• The pair is currently trading around 0.7318 levels. It is expected decline further towards 0.7270 and later 0.7240 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 0.7330 should be taken as advantage for selling opportunities.

• To the upside, the immediate  resistance can be seen 0.7325 , A break above this level would take it  to next resistance level at 0.7350 (July 29th high),To the downside, the first support level lies at 0.7294.                       

 

Recommendation: Go short below 0.7330, targets 0.7270, 0.7240, SL 0.7370

Resistance Levels

R1: 0.7310 (61.8% Retracement level)                    

R2: 0.7325 (July 27^th high)

R3: 0.7350 (July 29th  high)

Support Levels

S1: 0.7294 (July 28^th lows)

S2: 0.7278(38.2% Retracement level)                     

S3: 0.7259 (23.6% Retracement level)