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AUD/USD inched higher to trade around 0.7509 on Wednesday as the pair once again found buying interest after a short dip on weak Chinese trade data.
- Much of the move was further gains in iron ore provided support to Aussie dollar.
- Currently the pair is making an attempt to test resistance level at 0.9540.
- Further decline is expected to be limited as the pair finds strong support at 0.7479 which should limit downside and initiate rebound back towards higher side.
- To the upside, the strong resistance can be seen at 0.7540, a break above this level would take the pair towards next resistance level at 0.7616.
- To the downside immediate support can be seen at 0.7479, a break below this level will open the door towards next level at 0.7415.
Resistance Levels
R1: 0.7527 (Daily high)
R2: 0.7540 (38.2% Retracement level)
R3: 0.7616 (23.6% Retracement level)
Support Levels
S1: 0.7479 (38.2% Retracement level)
S2: 0.7415 (23.6% Retracement level)
S3: 0.7391 (March 7th lows)
