FxWirePro: AUD/USD Intraday Upside Momentum Strong After Oil Prices Rally

FxWirePro: AUD/USD Intraday Upside Momentum Strong After Oil Prices Rally

11 May 2016, 17:24
Roberto Jacobs
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FxWirePro: AUD/USD Intraday Upside Momentum Strong After Oil Prices Rally

  • The AUD/USD inched higher on Wednesday, as commodity currencies strengthened across the board after oil prices rose sharply towards $45 per barrel. 
  • The pair hit high at 0.7380, after finding buying interest around 0.7335 levels before retreating slightly towards 0.7358 levels in the early US session. 
  • Currently the currency pair is trading at 0.7371 levels, it is set to advance future towards 0.7400 and 0.7440 levels in the short term. 
  • To the upside, the strong resistance can be seen at 0.7391, a break above this level would take the pair towards next resistance level at 0.7437. 
  • To the downside immediate support can be seen at 0.7345, a break below this level will open the door towards next level at 0.7300. Resistance Levels R1: 0.7391 (50% Retracement level) R2: 0.7437 (61.8% Retracement level) R3: 0.7485 (March 7th high) Support Levels S1: 0.7345 (38.2% Retracement level) S2: 0.7300 (Psychological levels) S3: 0.7286 (23.6% Retracement level)


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