- AUD/USD rebounded strongly towards 0.7056 earlier in European session. However, the pair turned back after failing break résistance level at 0.7140, as the Aussie ran out of strength against US dollar. Currently the pair is trading around 0.7085 levels, any advance further above towards 0.7140 levels should be viewed as selling opportunities.
- Immediate resistance can be seen at 0.7113, a break above this level would take it to next resistance level at 0.7144.
- Strong support can be seen at 0.7071, a break below this level will expose the pair to next support level at 0.7040 handle. Recommendation: Go short below 0.7140, targets 0.7070, 0.7000, SL 0.7185Resistance LevelsR1: 0.7113 (38.2% Retracement level) R2: 0.7144 (50% Retracement level)R3: 0.7182 (61.8% Retracement level)Support LevelsS1: 0.7071 (23.6% Retracement level)S2: 0.7040 (Oct 5th lows)S3: 0.7000 (Psychological levels)
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