FxWirePro: AUD/USD Hits 10-Days Low, Bias Back to Downside
- AUD/USD declined sharply on Wenesday as Australian dollar was weighed down by less than expected inflation reading.
- The antipodean currency declined sharply, despite the broad dollar sell off across the board.
- Further upside is expected to be limited as pair has broken strong support at 0.7650 and is inching downwards.
- To the upside, the strong resistance can be seen at 0.7650, a break above this level would take the pair towards next resistance level at 0.7715. |
- To the downside immediate support can be seen at 0.7596, a break below this level will open the door towards next level at 0.7555. Resistance Levels R1: 0.7627 (50% Retracement level) R2: 0.7650 (61.8% Retracement level) R3: 0.7715 (April 13th high) Support Levels S1: 0.7596 (38.2% Retracement level) S2: 0.7555 (23.6% Retracement level) S3: 0.7500 (Psychological levels)