• 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.
  
  
  Resistance Levels
  
  R1: 0.7340 (50% Retracement level)  
  
  R2: 0.7380(61.8% Retracement level)
  
  R3: 0.7400 (Psychological levels)
  
  Support Levels
  
  S1: 0.7296 (38.2% Retracement level)
  
  S2: 0.7243 (23.6% Retracement level)
  
  S3: 0.7200 (Feb 23rd lows)