FxWirePro: AUD/USD key resistance at 0.7235, bearish in the near term

• AUD/USD slipped back below 0.7200 levels after hitting minor resistance at 0.7253, and is approaching to support level at 0.7159. The resistance level at 0.7273 is set to block bulls from advancing further, as this   level has turned into strong resistance zone recently.

• The currency pair is trading at 0.7174 levels, it is expected to decline further towards 0.7150 and 0.7100 levels in the short term, as the US Dollar is stronger against Aussie.

• To the upside, the immediate resistance can be seen at 0.7235 (61.8% Retracement level), a break above this level would take the pair towards next resistance level at 0.7275(Aug 24^th high), to the downside, the immediate support level lies at 0.7159.                 

Recommendation: Go short below 0.7200, targets 0.7150, 0.7120, SL 0.7270

Resistance Levels

R1: 0.7235 (61.8% Retracement level)

R2: 0.7275(Aug 24^th high )

R3: 0.7385 (Aug 11th lows)

Support Levels

S1: 0.7159(38.2% Retracement level)

S2: 0.7112(23.6% Retracement level)

S3: 0.7039 (Aug 24^th lows)