FxWirePro: AUD/USD Fails to Break Resistance at 0.7373, Bearish in the Short Term
10 May 2016, 16:36
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FxWirePro: AUD/USD Fails to Break Resistance at 0.7373, Bearish in the Short Term
- The AUD/USD inched higher in the European session despite disappointing Chinese inflation figures,but found renewed bearish momentum after failing to break resistance level at 0.7373.
- Currently the currency pair is trading around 0.7351 levels, it is set to decline further towards 0.7300 and later towards 0.7250 levels in the short term.
- Short pullback around 0.7360 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading.
- Strong support can be seen at 0.7289, a break below this level will expose the pair towards next support level located at 0.7200.
- Major resistance can be seen at 0.7373, a break above this level will open the gates towards 0.7441 levels. Resistance Levels R1: 0.7373 (50% Retracement Level) R2: 0.7441 (61.8% Retracement Level) R3: 0.7514 (May5th high) Support Levels S1: 0.7340 (38.2 % Retracement Level) S2: 0.7289 (23.6 % Retracement Level) S3: 0.7200 (Psychological levels)
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