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FxWirePro :Aussie pares losses in European session, good to sell on rallies

  • RES 4 : 0.7532 (Jul 6th high)

  • RES 3: 0.7500

  • RES 2: 0.7470 (Jul 13th high)

  • RES 1: 0.7420 ( 20 day 4 H EMA)

      PRICE: 0.73982 @ 10:58 GMT 

  • SUP 1: 0.7400

  • SUP 2: 0.7370 (Jul 8th low)
  • SUP 3: 0.7326
  • SUP 4: 0.7297 (161.8% retracement of 0.7371 and 0.74906)

Commentary:

AUD/USD has broken major support 0.7375 and this confirms short term bearishness , decline till 0.7300 cannot be ruled out.

On the higher side minor resistance is around 0.7400 and break below will target 0.7435/0.7470.

Overall bearish invalidation only if it closes above 0.7500.

It is good to sell on rallies around 0.7400 with SL around 0.7435 for TP of 0.7310.

 

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