- AUD/USD initially slipped towards 0.7516 levels after failing to break resistance level located at 0.7244 in the European session today.
However, the pair has managed to rebound after testing support level located at 0.7510.
- Currently the pair is making an attempt to test resistance level at 0.7571. Nevertheless, further upside is expected to be limited as the resistance level at 0.7600 is set to act as strong barrier to bulls and initiate a bearish momentum towards 0.7500 and later towards 0.7450 levels in the short term.
- To the upside, the strong resistance can be seen at 0.7600, a break above this level would take the pair towards next resistance level at 0.7650.
- To the downside immediate support can be seen at 0.7546, a break below this level will open the door towards next level at 0.7580.
Resistance Levels
R1: 0.7571 (Daily high)
R2: 0.7580 (61.8% Retracement level)
R3: 0.7600 (Psychological levels)
Support Levels
S1: 0.7546 (50% Retracement level)
S2: 0.7510 (38.2% Retracement level)
S3: 0.7475 (23.6% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com