- AUD/USD has bounced from 0.7680 (June 24th low) to 0.7739 level and is trying to test 0.7750 level (61.8% Retracement level).
- The pair is currently trading around 0.7740 level. It is expected decline further towards 0.7700 and later 0.7650.
- The resistance level at 0.7751 is likely to hold the Aussie bulls in the short term, Therefore short rally near 0.7751 should be taken as advantage for selling opportunities.
- Greece crisis is set to continue, As the concerned parties failed to agree any kind of solution. Euro group third meeting is scheduled at 7:00 (EST) and Core PCE Price Index (MoM), Initial Jobless Claims, Personal Income (MoM) is due from the US market later in the day.
- To the upside, the immediate resistance sits near 0.7751, A break above this level would take it to next resistance level at 0.7770 (June 24th high),To the downside, the first support level lies at 0.9694 (38.2% Retracement level).
Recommendation: Go short below 0.7751, targets 0.7720, 0.7695, SL 0.7795
Resistance Levels
R1: 0.7751 (61.8% Retracement level)
R2: 0.7770
R3: 0.7794
Support Levels
S1: 0.7721(50% Retracement level)
S2: 0.7694(38.2% Retracement level)
S3: 0.7678
