FxWirePro: AUD/USD Drift Near Multi-Month Lows After FED Rate Remarks
- AUD/USD was pinned near multi-month lows on Monday after comments by Federal Reserve last week reinforced expectations of a US interest rate hike as early as June.
- Investors remained cautious ahead of busy week in Australia with gross domestic product, retail sales, and trade data due for release.
- Currently the currency pair is trading around 0.7185 levels, it is set to decline further towards 0.7140 and later towards 0.7100 levels in the short term.
- Strong support can be seen at 0.7143, a break below this level will expose the pair towards next support level located at 0.7080.
- Major resistance can be seen at 0.7242, a break above this level will open the gates towards 0.7300 levels. Resistance Levels R1: 0.7193 (50% Retracement Level) R2: 0.7242 (61.8% Retracement Level) R3: 0.7300 (Psychological levels) Support Levels S1: 0.7143 (38.2 % Retracement Level) S2: 0.7080 (23.6 % Retracement Level) S3: 0.6981 (Feb 11th lows)