FxWirePro: AUD/USD stuck in range but outlooks remains bullish

AUD/USD paused near 8-month high on Tuesday as heavy yen buying and disappointing Chinese trade data weighted on Aussie bulls.

• Currently the pair is making an attempt to test resistance level at 0.9500.
   
• Further decline is expected to be limited as the pair finds strong support at 0.7414 which should limit downside and initiate rebound back towards higher side.
   
• To the upside, the strong resistance can be seen at 0.7500, a break above this level would take the pair towards next resistance level at 0.7600.
   
• To the downside immediate support can be seen at 0.7414, a break below this level will open the door towards next level at 0.7390.
  
  Resistance Levels
  
  R1: 0.7500 (Psychological levels)  
  
  R2: 0.7538 (38.2% Retracement level)
  
  R3: 0.7618 (23.6% Retracement level)
  
  Support Levels
  
  S1: 0.7414 (61.8% Retracement level)
  
  S2: 0.7390 (March 7th lows)
  
  S3: 0.7340 (March lows)