AUD/USD rebounded strongly from 0.7312 levels and tested resistance level at 0.7353. The bulls failed to break resistance levels at 0.7353 and the pair is back towards 0.7335 price levels. The pair is expected to decline further towards 0.7300 and later 0.7260 levels in the short term.
- The resistance level at 0.7354 (61.8% Retracement level),is likely to act as a strong resistance level and hold Aussie bulls and push the pair downwards, therefore short rally near 0.7360 should be taken as advantage for selling opportunities.
- To the upside, the immediate resistance can be seen at .7354 (61.8% Retracement level), a break above this level would take the pair towards next resistance level at 0.7376 (Aug 18th high), to the downside, the immediate support level lies at 0.7302 (38.2% Retracement level).
Recommendation: Go short below 0.7350, targets 0.7300, 0.7270, SL 0.7480
Resistance Levels
R1: 0.7354 (61.8% Retracement level)
R2: 0.7376 (Aug 18th high)
R3: 0.7385 (Aug 17th high)
Support Levels
S1: 0.7328 (50% Retracement level)
S2: 0.7302 (38.2% Retracement level)
S3: 0.7283 (23.6% Retracement level)
