FxWirePro: AUD/USD Cheered by Upbeat Data, But More Downside Expected

FxWirePro: AUD/USD Cheered by Upbeat Data, But More Downside Expected

31 May 2016, 19:32
Roberto Jacobs
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FxWirePro: AUD/USD Cheered by Upbeat Data, But More Downside Expected

  • The Australian dollar rebounded strongly against US dollar on Tuesday following encouraging economic data, dragging the pair all the way above 0.7250 levels. However after finding resistance at 0.7265, the pair retreated towards 0.7240 levels in the US session. 
  • However, the gains should be limited as the resistance level at 0.7300 levels should limit upside and bring a decline towards lower levels in the short term. 
  • To the upside, the strong resistance can be seen at 0.7300, a break above this level would take the pair towards next resistance level at 0.7354. 
  • To the downside immediate support can be seen at 0.7226, a break below this level will open the door towards next level at 0.7182. Resistance Levels R1: 0.7265 (50% Retracement level)   R2: 0.7300 (61.8% Retracement level) R3: 0.7354 (May 17th high) Support Levels S1: 0.7226 (38.2% Retracement level) S2: 0.7182 (23.6% Retracement level) S3: 0.7146 (May 30th lows)


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