- AUD/USD fell back from 0.7534 level (July 6st high ) and is trying to test support level at 0.7493 (38.2% Retracement level).
- The pair is currently trading around 0.7508 level. It is expected decline further towards 0.7470 and later 0.7400.
- Short rally around 0.7550 should be taken as advantage for selling opportunities, as Aussie dollar is weak against the US dollar in the short term.
- To the upside, the strong resistance sits at 0.7550 (61.8% Retracement level), A break above this level would take it to upside to next resistance level at 0.7586.
- To the downside immediate support sits at 0.7493 (38.2% Retracement level), a break below this level will take the pair to next level at 0.7458.
Recommendation: Go short below 0.7550, targets 0.7500, 0.7450, SL 0.7630
Resistance Levels
R1: 0.7522
R2: 0.7550 (61.8% Retracement level of 0.7645 to 0.7400)
R3: 0.7586
Support Levels
S1: 0.7493 (38.2% Retracement level)
S2: 0.7458
S3: 0.7408
The material has been provided by InstaForex Company – www.instaforex.com