Fxwirepro: Aud/usd Approching Key Resistance at 0.7696, Sell Deals are recommended Below 0.7720

  • AUD/USD bounced back from 0.7640 level and testing resistance level at 0.7696 (23.6% Retracement Level). gradually  it’s set to resuming upwards to test strong resistance level at 0.7730.
  • The pair is currently trading around 0.7690 level. It is expected decline further towards 0.7640 and later 0.7600.
  • Short rally around 0.7720 should be taken as advantage for selling opportunities, As AUD dollar is weak against the US dollar in the short term.
  • To the upside, the strong resistance can be seen at  0.7730, A break above this level would take it to upside to next resistance level at 0.7751 level.To the downside support level sits at 0.7674 (38.2% Retracement level), a break below will take the cable to 0.7640 (61.8 Retracement level).

Recommendation: Go short below 0.7720, targets 0.7650, 0.7620, SL 0.7770

Resistance Levels

R1: 0.7711             

R2: 0.7733

R3: 0.7753

Support Levels

S1: 0.7674(38.2% Retracement level)

S2: 0.7660           

S3: 0.7640(61.8 Retracement level)

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