- AUD/USD bounced back from 0.7665 (61.8 % Retracement Level) support level, and is moving above to testing resistance level at 0.7714 (38.2% Retracement Level).
- The pair is currently trading around 0.7705 level. It is expected to move upwards towards 0.7740 and later 0.7790.
- Short pullback around 0.7680 should be taken as advantage for buying opportunities, As AUD dollar is weak against the US dollar in the short term.
- To the upside, the strong resistance sits near 0.7745, A break above this level would take it to upside to next resistance level at 0.7769.
- To the downside immediate support is located at 0.7690,A break below at this level is apply bearish pressure towards 0.7665(61.8 Retracement level).
Recommendation: Go long above 0.7680, targets 0.7720, 0.7760, SL 0.7620
R1: 0.7714 (38.2% Retracement level)
R2: 0.7745(23.6 % Retracement level)
R3: 0.7769 (June 24th High)
S2: 0.7665(61.8 Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com