FxWirePro: AUD/USD key resistance at 0.7488, sell deals are recommended below 0.7460

 

• AUD/USD fell from 0.7495 (July 7th high) to 0.7400 level. It is approaching to test resistance at 0.7440.

• The pair is currently trading around 0.7435 level. It is expected decline further towards 0.7380 and later 0.7300 in the short term.

• The resistance level at 0.7488 is likely to hold the Aussie bulls in the short term, therefore short rally near 0.7460 should be taken as advantage for selling opportunities.

• To the upside, the immediate  resistance is located at  0.7440, A break above this level would take it  to next resistance level at 0.7488 (61.8% Retracement level), To the downside, the first support level lies at 0.7390 (38.2% Retracement level).                               

Recommendation: Go short below 0.7460, targets 0.7360, 0.7320, SL 0.7530

Resistance Levels

R1: 0.7440                           

R2: 0.7488 (61.8% Retracement level of 0.7650 to 0.7230)

R3: 0.7530

Support Levels

S1: 0.7390 (38.2% Retracement level)

S2: 0.7335 (23.6% Retracement level)    

S3: 0.7290