- AUD/USD has slipped towards 0.6974 levels after failing to break minor resistance level located at 0.7044 in the early European session.
- Currently the pair is approaching to testing support level located at 0.7060. Further decline towards lower levels is expected to be limited as the pair finds strong support at 0.7910.
- The pair is expected to reach 0.7000 and later towards 0.7100 as the Aussie dollar is set to strengthen against its US counterpart in the short term.
- To the upside, the strong resistance can be seen at 0.7160, a break above this level would take the pair towards next resistance level at 0.7200 levels.
- To the downside immediate support can be seen at 0.9960, a break below this level will open the door towards next level at 0.9910.Recommendation: Go long around 0.6930, targets 0.7000, 0.7120, SL 0.6880Resistance LevelsR1: 0.7007 (61.8% Retracement level) R2: 0.7080 (Jan 7th high)R3: 0.7160 (Nov 13th high )Support LevelsS1: 0.9960 (50% Retracement level)S2: 0.9910 (38.2% Retracement level)S3: 0.6853(23.6% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com