- AUD/USD has slipped towards 0.7050 levels after failing to break resistance level located at 0.7244 in the early Asian session today. However, the pair has managed to rebound after testing support level located at 0.7188. Currently the pair is making an attempt to test resistance level at 0.7225. Nevertheless, further upside is expected to be limited around 0.7250 levels as the resistance level at 0.7263 is set to act as strong barrier to bulls and initiate a bearish momentum towards 0.7180 and later towards 0.7100 levels. Therefore, it’s good to sell this pair around 0.7230 levels.
- To the upside, the strong resistance can be seen at 0.7263, a break above this level would take the pair towards next resistance level at 0.7300.
- To the downside immediate support can be seen at 0.7188, a break below this level will open the door towards next level at 0.7141.Recommendation: Go short below 0.7230, targets 0.7180, 0.7140, SL 0.7080Resistance LevelsR1: 0.7225 (50% Retracement level) R2: 0.7244 (Dec 8th high)R3: 0.7263 (61.8% Retracement level)Support LevelsS1: 0.7188 (38.2% Retracement level)S2: 0.7170 (Nov 30th lows)S3: 0.7141 (23.6% Retracement level)
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