FxWirePro: AUD/USD neutral in the near-term, scope for downward resumption

• AUD/USD pair declined on Thursday as commodity-linked Australian dollar was weighed down by lower oil prices which languished near seven-month lows.
   
• Oil edged up from November lows hit in the prior session, but prices remained under pressure from a supply glut in the wake of the initial OPEC-led production cut.
   
• The Organization of the Petroleum Exporting Countries and other producers agreed to reduce output by 1.8 million barrels per day (bpd) from January for six months, and last month extended the deal for a further nine months.
   
• The Australian dollar was back at $0.7549 and near one-week lows, after failing repeatedly at the $0.7630 mark.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.0644 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 0.7559, a break above this level would take the pair towards next resistance level at 0.7588.
   
• To the downside, immediate support can be seen at 0.7532, a break below this level will open the door towards next level at 0.7496.
  
  Resistance Levels
  
  R1: 0.7559 (50% Retracement level)
  
  R2: 0.7588 (61.8% Retracement level)
  
  R3: 0.7600 (Psychological levels)
  
  Support Levels
  
  S1: 0.7532 (38.2% Retracement level)
  
  S2: 0.7496 (23.6% Retracement level)
  
  S3: 0.7469 (April 12th lows)

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