AUD/USD closed Monday's trade above channel support at 0.7085.
- The pair trades a narrow range on the day between 0.7108 and 0.7083, but holds above major support at 0.7075.
- Breaks below could see weakness, pullback upto 0.7060 then looks likely.
- But as long as 0.7075 support holds, the pair could test 0.7132 and then 0.7160 levels.
Recommendation: Good to buy dips around 0.7080, SL: 0.7050, TP: TP1: 0.7130, TP2: 0.7150
Resistance Levels:
R1: 0.7089 (10 DMA)
R2: 0.7092 (Daily Tenkan)
R3: 0.7098 (5 DMA)
Support Levels:
S1: 0.7075 (Channel top)
S2: 0.7080 (Nov 16 low)
S3: 0.7067 (Double bottom 29th & 30 th Oct)
