• AUD/USD inched higher in the late US session to trade around 0.7200 levels as late rebound in oil prices supported Aussie bulls.
  
  
• Currently the pair is inching upwards to test resistance level at 0.9258.
  
  
• Further decline is expected to be limited as the pair finds strong support at 0.7150 which should limit downside and initiate rebound back towards higher side.
  
  
• Technically in the 4 hour chart the 55, 30 and 20 MA are pointing towards upside, whistle the RSI is in positive territory at 58.
  
  
• To the upside, the strong resistance can be seen at 0.7237, a break above this level would take the pair towards next resistance level at 0.7291.
  
  
• To the downside immediate support can be seen at 0.7191, a break below this level will open the door towards next level at 0.7145.
  
  Recommendation: Go long around 0.7170, targets 0.7250, 0.7330, SL 0.7100
  
  Resistance Levels
  
  R1: 0.7230 (38.2% Retracement level)  
  
  R2: 0.7288 (23.6% Retracement level)
  
  R3: 0.7291 (Dec 31st high)
  
  Support Levels
  
  S1: 0.7180(50% Retracement level)
  
  S2: 0.7152 (55-DMA)
  
  S3: 0.7126(61.8% Retracement level)