FxWirePro: AUD/USD Bounces Off Lows, But more Downside Expected
- AUD/USD rebounded strongly on Monday as weak US factory data weighted on green back and strengthened Australian dollar
- Currently the pair is making an attempt to test resistance level at 0.7662.
- Further upside is expected to be limited as the pair finds strong resistance at 0.7704 which should limit upside and bring a decline towards lower levels.
- To the upside, the strong resistance can be seen at 0.7704 a break above this level would take the pair towards next resistance level at 0.7653.
- To the downside immediate support can be seen at 0.7623, a break below this level will open the door towards next level at 0.7570. Resistance Levels R1: 0.7662 (50% Retracement level) R2: 0.7704 (61.8% Retracement level) R3: 0.7766 (March 23rd high) Support Levels S1: 0.7623 (38.2% Retracement level) S2: 0.7570 (23.6% Retracement level) S3: 0.7547 (23.6% Retracement level)