FxWirePro: AUD/USD key support at 0.7320, buy deals are recommended around 0.7325

 

• AUD/USD has retreated back from 0.7380 levels in Asian session and is approaching support level at 0.7340 levels. The pair is expected to advance further towards 0.7390 and later 0.7430 levels in the short term.

• The resistance level at 0.7320 is likely to hold the Aussie bulls and push the pair upwards, therefore short rally near 0.7325-0.7330 should be taken as advantage for buying opportunities.

• To the upside, the immediate resistance can be seen at 0.7361 (38.2 % Retracement level), 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 0.7340 (50 % Retracement level).                       

Recommendation: Go long above 0.7330, targets 0.7380, 0.7430, SL 0.7270

Resistance Levels

 

R1: 0.7361 (38.2 % Retracement level)                   

R2: 0.7387 (23.6% Retracement level)

R3: 0.7450 (Aug 14^th high)

Support Levels

S1: 0.7340 (50 % Retracement level)

S2: 0.7320 (61 % Retracement level)

S3: 0.7294 (Aug 11^th lows)