- AUD/USD inched higher on Monday as momentum swung towards Britain remaining in the European Union ahead of this week's referendum and strong rise oil prices supported Aussie bulls.
- Recent opinion polls have generally shown a tight race ahead of the June 23 referendum, although betting markets have shown a higher probability of a “Remain” vote.
- Three polls published on Saturday showed a small lead to the “Remain” camp after a three-day hiatus in campaigning following the killing of a pro-EU lawmaker.
- Further decline is expected to be limited as the pair finds strong support at 0.7402 which should limit downside and initiate rebound back towards higher side.
- To the upside, the strong resistance can be seen at 0.7520, a break above this level would take the pair towards next resistance level at 0.7600.
- To the downside immediate support can be seen at 0.7440, a break below this level will open the door towards next level at 0.7402.
Resistance Levels
R1: 0.7476 (38.2% Retracement level)
R2: 0.7520 (23.6% Retracement level)
R3: 0.7600 (Psychological levels)
Support Levels
S1: 0.7440 (50% Retracement level)
S2: 0.7402 (61.8% Retracement level)
S3: 0.7361 (June 13th high)
The material has been provided by InstaForex Company – www.instaforex.com