• AUD/USD traded in higher range on Wednesday as the currency pair was buoyed by monetary policy expectations and higher commodity prices such as crude oil and iron ore.
   
• The Reserve Bank of Australia on Tuesday kept rates at a record low of 1.75 percent, taking a pause after last month's cut and recent data showing reasonable strength in the economy.
   
• The currency pair is trading at 0.7477 levels, it is expected to reach 0.7530 levels and 0.7555 levels in the short term.
   
• To the upside, the strong resistance can be seen at 0.7555, a break above this level would take the pair towards next resistance level at 0.7650.
   
• To the downside immediate support can be seen at 0.7416, a break below this level will open the door towards next level at 0.7355.​
  
  Resistance Levels
  
  R1: 0.7480 (38.2% Retracement level)  
  
  R2: 0.7512 (May 5th high)
  
  R3: 0.7555 (23.6% Retracement level)​
  
  Support Levels
  
  S1: 0.7416 (50% Retracement level)
  
  S2: 0.7355 (61.8% Retracement level)
  
  S3: 0.7300 (Psychological levels)