AUD/USD edges lower after hitting session highs at 0.7283, bulls struggling to extend gains above 5-DMA, currently trades at 0.7265.
- The pair trades in a narrow range amid holiday-thinned trades, rally from 0.7097 lows (Dec 17) stalls at 0.7282 levels.
- 0.7275-0.7283 is strong resistance zone, 0.7275 61.8% Fib of 0.7386-0.7097 fall, and 0.7283 is a double top (Dec 15th & Nov 25th)
- AUD/USD bias is definitely lower, Stochs show bearish crossover from o/b levels, RSI points south.
- Immediate resistance is located at 0.7283 (session high Dec 28) ahead of 0.7296 (Oct 23rd high), while support on the downside is seen at 0.7226 (Dec 24th low).
Recommendation: Good to sell rallies around 0.7265 levels, SL: 0.73, TP1: 0.7225, TP2: 0.72.
