FxWirePro: AUD/USD key resistance at 0.7450, sell deals are recommended below 0.7430

 

 

• AUD/USD rebounded strongly after RBA statement earlier in Asian session. The pair hit daily high at 0.7406 levels and is retreating back from highs. The pair is expected to decline further towards 0.7370 and later 0.7350 levels in the short term.

• The resistance level at 0.7450 is likely to hold the Aussie bulls and push the pair downwards, therefore short rally near 0.7430 should be taken as advantage for selling opportunities.

• To the upside, the immediate resistance can be seen at 0.7415 (July 23^rd high), A break above this level would take it to next resistance level at 0.7450 (July 22^1st high), to the downside, the first support level lies at 0.7366 (38.2% Retracement level).                  

Recommendation: Go short below 0.7330, targets 0.7370, 0.7350, SL 0.7480

Resistance Levels

 

R1: 0.7403 (Aug 4^th high)                               

R2: 0.7415 (July 23^rd high)

R3: 0.7450 (July 22^1st high)

Support Levels

S1: 0.7366 (38.2% Retracement level)

S2: 0.7340 (July 23 rd lows)

S3: 0.7315 (61.8% Retracement level)