FxWirePro: AUD/USD sell below 0.7410, bearish in the near term

 

• AUD/USD is retreating back after falling back from 0.7418 levels towards 0.7384. The support level at 0.7418 is set to hold Aussie bulls and bring another fall later.

• The AUD/USD is currently trading around 0.7403 levels. It is expected decline further towards 0.7350 and later 0.7320 in the short term.

• Short rally around 0.7410 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 0.7418, a break above this level would take it to next resistance level at 0.7456.

Recommendation: Go short below 0.7410, targets 0.7350, 0.7320, SL 0.7480

Resistance Levels

R1: 0.7418           

R2: 0.7456

R3: 0.7490

Support Levels

S1: 0.7367

S2: 0.7344 (61.8% Retracement level)    

S3: 0.7326