AUD/USD inched higher in the late US session to trade around 0.7230 levels as late rebound in oil prices supported Aussie bulls.
- The pair remains in bullish territory unless until it trades above 0.7100 levels.
- Further decline is expected to be limited as the pair finds strong support at 0.7152 which should limit downside and initiate rebound back towards higher side.
- Technically in the 4 hour chart the 55, 30 and 20 MA are pointing towards upside, whistle the RSI is in positive territory at 58.
- To the upside, the strong resistance can be seen at 0.7237, a break above this level would take the pair towards next resistance level at 0.7291.
- To the downside immediate support can be seen at 0.7191, a break below this level will open the door towards next level at 0.7145.
Recommendation: Go long around 0.7180, targets 0.7250, 0.7330, SL 0.7100
Resistance Levels
R1: 0.7230 (38.2% Retracement level)
R2: 0.7288 (23.6% Retracement level)
R3: 0.7291 (Dec 31st high)
Support Levels
S1: 0.7180 (50% Retracement level)
S2: 0.7152 (55-DMA)
S3: 0.7126(61.8% Retracement level)
