FxWirePro: AUD/USD Fails to Break Resistance at 0.7247, Bearish in the Short Term

FxWirePro: AUD/USD Fails to Break Resistance at 0.7247, Bearish in the Short Term

20 May 2016, 18:38
Roberto Jacobs
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FxWirePro: AUD/USD Fails to Break Resistance at 0.7247, Bearish in the Short Term

  • The pair has found renewed bearish momentum on Friday after failing to break resistance level at 0.7247 and is approaching to test support level located at 0.7207. 
  • Currently the currency pair is trading around 0.7217 levels, it is set to decline further towards 0.7180 and later towards 0.7150 levels in the short term. 
  • Short pullback around 0.7240 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading
  • Strong support can be seen at 0.7207, a break below this level will expose the pair towards next support level located at 0.7174. 
  • Major resistance can be seen at 0.7284, a break above this level will open the gates towards 0.7364 levels. Resistance Levels R1: 0.7247 (50% Retracement Level) R2: 0.7284 (61.8% Retracement Level) R3: 0.7364 (May 17th high) Support Levels S1: 0.7207 (38.2 % Retracement Level) S2: 0.7174 (May 19th lows) S3: 0.7158 (23.6 % Retracement Level)



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