FxWirePro: AUD/USD regains upwards momentum, 0.7540 a key barrier

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)