FxWirePro: AUD/USD outlook weaker on renewed downside pressure
AUD/USD declined on Monday as investors switched to risker assets and another fall in oil prices weighted on Australian dollar. After hitting intraday low around 0.7303 levels the pair has recovered slightly to trade at …
AUD/USD declined on Monday as investors switched to risker assets and another fall in oil prices weighted on Australian dollar.
After hitting intraday low around 0.7303 levels the pair has recovered slightly to trade at 0.7317 levels in the late US session.
Further upside is expected to be limited as the pair finds strong resistance at 0.7380 which should limit upside and bring a decline towards lower levels.
To the upside, the strong resistance can be seen at 0.7340, a break above this level would take the pair towards next resistance level at 0.7380.
To the downside immediate support can be seen at 0.7296 a break below this level will open the door towards next level at 0.7243.
