FxWirePro: AUD/USD key support at 0.7200, buy deals are recommended around 0.7210

AUD/USD initially slipped towards 0.7210 levels after failing to break resistance level located at 0.7244 in the early European session today. However, after finding support at 0.7200 levels the pair has managed to rebound to trade around 0.7235 levels. 

• The ongoing bullish trend is set to continue for this pair as the support level at 0.7200 is likely to act as strong barrier to the bears and send the pair towards higher levels.
   
• To the upside, the strong resistance can be seen at 0.7245, a break above this level would take the pair towards next resistance level at 0.7300.
   
• To the downside immediate support can be seen at 0.7200, a break below this level will open the door towards next level at 0.7161.
  
  Recommendation: Go long around 0.7210, targets 0.7260, 0.7300, SL 0.7160
  
  Resistance Levels
  
  R1: 0.7245 (38.2% Retracement level)  
  
  R2: 0.7300 (23.6% Retracement level)
  
  R3: 0.7333 (Dec 10 high)
  
  Support Levels
  
  S1: 0.7200 (50% Retracement level)
  
  S2: 0.7161 (61.8% Retracement level)
  
  S3: 0.7110 (Dec 18th low)