- 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
S1: 0.7674(38.2% Retracement level)
S3: 0.7640(61.8 Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com