FxWirePro: AUD/USD key resistance at 0.7385, sell deals are recommended below 0.7360

 

• AUD/USD rebounded strongly from 0.7214 levels to hit daily highs at 0.7386 levels. The pair is retreating back after hitting strong resistance at 0.7385 levels. The pair is expected to decline further towards 0.7340 and later 0.7300 levels in the short term.

• The resistance level at 0.7380 (Aug 7^th high) is likely to hold the 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 0.7380 (Aug 7^th high), a break above this level would take it to next resistance level at 0.7420 (Aug 10^rd high), to the downside, the first support level lies at 0.7353 (61.8% Retracement level).                               

Recommendation: Go short below 0.7360, targets 0.7330, 0.7280, SL 0.7480

Resistance Levels

R1: 0.7380 (Aug 7^th high)                               

R2: 0.7420 (Aug 10^rd high)

R3: 0.7428 (Aug 4th high)

Support Levels

S1: 0.7353 (61.8% Retracement level)

S2: 0.7326 (Aug 7^th lows)

S3: 0.7299 (38.2% Retracement level)