FxWirePro: AUD/USD Gains Some Upside Momentum But Still Bearish
- AUD/USD declined on Thursday after soft inflation data weighted on Australian dollar on expectation of a cut in rates by Reserve Bank of Australia.
- The Australian dollar initially rose in the Asian session against its American rival, but declined after finding strong resistance strong at 0.7665.
- Further upside is expected to be limited as the pair finds strong resistance at 0.7655 which should limit upside and bring a decline towards lower levels.
- To the upside, the strong resistance can be seen at 0.7655, 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 0.7595, a break below this level will open the door towards next level at 0.7554 Resistance Levels R1: 0.7628 (50% Retracement level) R2: 0.7655 (61.8% Retracement level) R3: 0.7715 (April 13th high) Support Levels S1: 0.7595 (38.2% Retracement level) S2: 0.7554 (38.2% Retracement level) S3: 0.7500 (Psychological levels)