- AUD/USD paused near 8-month high on Tuesday as heavy yen buying and disappointing Chinese trade data weighted on Aussie bulls.
- Currently the pair is making an attempt to test resistance level at 0.9500.
- Further decline is expected to be limited as the pair finds strong support at 0.7414 which should limit downside and initiate rebound back towards higher side.
- To the upside, the strong resistance can be seen at 0.7500, 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 0.7414, a break below this level will open the door towards next level at 0.7390.Resistance LevelsR1: 0.7500 (Psychological levels) R2: 0.7538 (38.2% Retracement level)R3: 0.7618 (23.6% Retracement level)Support LevelsS1: 0.7414 (61.8% Retracement level)S2: 0.7390 (March 7th lows)S3: 0.7340 (March 4th lows)
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