FxWirePro: AUD/USD retreats from multi-month peak, outlook bearish

AUD/USD declined on Monday as hefty gains last week left the currency pair in overbought condition.

• The pair slipped from 0.7616 levels to hit low at 0.7590 before recovering to trade at 0.7608 in the US session.
• Further upside is expected to be limited as the pair finds strong resistance at 0.7176 which should limit upside and bring a decline towards lower levels. 
• To the upside, the strong resistance can be seen at 0.7659, a break above this level would take the pair towards next resistance level at 0.7700.
• To the downside immediate support can be seen at 0.7566, a break below this level will open the door towards next level at 0.7528.

Resistance Levels

R1: 0.7627 (Daily high)  

R2: 0.7659 (March 18th high)

R3: 0.7700 (23.6% Retracement level)

Support Levels

S1: 0.7566 (38.2% Retracement level)

S2: 0.7528 (50% Retracement level)

S3: 0.7500 (Psychological levels)