Fxwirepro: Aud/usd Key Resistance at 0.7090, Sell Deals are recommended Below 0.7060

• AUD/USD rebounded strongly towards 0.7056 earlier in Asian session. However, the pair turned back after failing to advance towards higher levels, as the Aussie ran out of strength against US dollar. The pair has broken support at 0.7020 and is expected to decline further towards 0.7670 and later towards 0.7640 levels in the short term.

• The resistance level at  0.7092 (61.8% Retracement level) is likely to hold the Aussie bulls and push the pair downwards, therefore short rally near 0.7070 should be taken as advantage for selling opportunities.

• Immediate resistance can be seen at 0.7058 (50% Retracement level), A break above this level would take it to next resistance level at 0.7092 (61.8% Retracement level), to the downside, the first support level lies at 0.7022.                        

Recommendation: Go short below 0.7060, targets 0.7670, 0.7630, SL 0.7120

Resistance Levels

R1: 0.7058 (50% Retracement level)                        

R2: 0.7092 (61.8% Retracement level)

R3: 0.7154 (Sep 1^st )

Support Levels

S1: 0.7022 (38.2% Retracement level)

S2: 0.6996 ( Sep 3^rd   lows)

S3: 0.6997 (23.6% Retracement level)

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