FxWirePro: AUD/USD Outlook Weaker on Renewed Downside Pressure
- AUD/USD pair inched higher in the Asian session as the pair was lifted up after upbeat retail sales data from Australia. Immediately after the data release the pair rose towards 0.7500. However, after finding resistance at 0.7515, the pair dipped towards 0.7469 in the US session.
- At the moment the pair is trading around 0.7465 levels and it is expected to decline further towards 0.7400 and 0.7350 levels as the resistance level at 0.7521 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
- To the upside, the strong resistance can be seen at 0.7521, a break above this level would take the pair towards next resistance level at 0.7595.
- To the downside immediate support can be seen at 0.7451, a break below this level will open the gates towards next level at 0.7409. Resistance Levels R1: 0.7521 (50% Retracement level) R2: 0.7595 (38.2% Retracement level) R3: 0.7630 (May 3rd high) Support Levels S1: 0.7451 (38.2% Retracement level) S2: 0.7409 (March 16th lows) S3: 0.7361 (23.6 % Retracement level)