FxWirePro: AUD/USD sell below 0.7390, bearish in the near term

• AUD/USD fell back from 0.7438 level test support level at 0.7344 levels (61.8% Retracement Level). Currently it's resuming upwards to test resistance at 0.7404 levels.

• The Aussie is currently trading around 0.7398 levels. It is expected decline further towards 0.7350 and later 0.7300 levels.

• Short rally around 0.7430- 0.7420 should be taken as advantage for selling opportunities, As AUD dollar is weak against the US dollar in the short term.

• To the upside, the strong resistance can be seen at 0.7404, a break above this level would take it to next resistance level at 0.7456.

Recommendation: Go short below 0.7400, targets 0.7350, 0.7320, SL 0.7480

Resistance Levels

R1: 0.7404           

R2: 0.7456

R3: 0.7490

Support Levels

S1: 0.7367

S2: 0.7344 (61.8% Retracement level)    

S3: 0.7326