• AUD/USD is currently trading around 0.7250 levels, intraday bias is higher.
  • After a brief dip below 61.8% Fib at 0.7212 on May 19th, the pair has pulled back above. 
  • On the 2-hourly charts, the pair has broken minor resistance at 0.7230, we see scope for gains upto 0.7290.
  • Immediate resistance is located at 0.7249 (5-DMA), break above will next next hurdle at 0.7280 and then 0.7286 (10-DMA).
  • Supports on the downside are seen at 0.7225 (trendline), 0.7212 (61.8% Fib) and then 0.72 levels.
  • Break above 0.73 could take the pair to 0.7360 levels. Weakness to resume on break below 0.7210.

Recommendation: Good to buy dips around 0.7240/50, SL: 0.7210, TP: 0.7280/0.73/0.7360

The material has been provided by InstaForex Company – www.instaforex.com