• The AUD/USD pair surged higher on Wednesday, as the pair got a lift from upbeat Chinese export data and rally in commodities prices.
     
  • The Aussie performed strongly during the Asian and European sessions, but retreated in the US session after the release of US retail sales.
     
  • Currently the currency pair is trading around 0.7654 levels, it is set to advance further towards 0.7700 later towards 0.7750 levels in the short term.
     
  • Short pullback around 0.7626 should be taken as buying opportunities, as Australian dollar is stronger against the US dollar in short term.
     
  • To the upside, the strong resistance can be seen at 0.7700, a break above this level would take the pair towards next resistance level at 0.7722.
     
  • To the downside immediate support can be seen at 0.7648, a break below this level will open the door towards next level at 0.7626.

    Resistance Levels

    R1: 0.7676 (23.6% Retracement level)  

    R2: 0.7700 (Psychological levels)

    R3: 0.7722 (March 31st high)

    Support Levels

    S1: 0.7648 (38.2% Retracement level)

    S2: 0.7626 (50% Retracement level)

    S3: 0.7601 (61.8% Retracement level)

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