• Australian dollar hovered near three months lows against US dollar on Wednesday as falling iron ore prices and speculation that the Reserve Bank of Australia will ease policy further weighted on the pair.
   
• Further gains should be limited as the resistance level at 0.7282 should limit upside and bring a decline towards lower levels.
   
• To the upside, the immediate resistance can be seen at 0.7205, a break above this level would take the pair towards next resistance level at 0.7245.
   
• To the downside immediate support can be seen at 0.7157 levels, a break below this level will open the door towards next level at 0.7107.
  
  Resistance Levels
  
  R1: 0.7205 (38.2% Retracement level)
  
  R2: 0.7245 (50% Retracement level)
  
  R3: 0.7282 (61.8% Retracement level)
  
  Support Levels
  
  S1: 0.7157 (23.6% Retracement level)
  
  S2: 0.7107 (March 1st low)
  
  S3: 0.7066 (Feb 19th lows)