• The Australian dollar declined against US dollar on Tuesday as bets that Reserve Bank of Australia could ease monetary policy and encouraging US economic data weighted on  Australian dollar.
   
• Data showed U.S. housing starts rose more than expected in June as construction activity increased broadly.
   
• Groundbreaking on single-family homes, the largest segment of the market, increased 4.4 percent to a 778,000-unit pace in June.
   
• Currently, the currency pair is trading around 0.7480 levels, it is set to decline further towards 0.7400 and later towards 0.7350 levels in the short term.
   
• To the upside, the strong resistance can be seen at 0.7518, a break above this level would take the pair towards next resistance level at 0.7590.
   
• To the downside, immediate support can be seen 0.7464, a break below this level will open the door towards next level at 0.7429.
  
  Resistance Levels
  
  R1: 0.7491 (50% Retracement level)  
  
  R2: 0.7518 (61.8% Retracement level)
  
  R3: 0.7590 (Daily high)
  
  Support Levels
  
  S1: 0.7464 (38.2% Retracement level)
  
  S2: 0.7429 (23.6% Retracement level)
  
  S3: 0.7400 (Psychological levels)