FxWirePro: AUD/USD key resistance at 0.7354, sell deals are recommended below 0.7340

• AUD/USD rebounded strongly from 0.7283 levels to hit daily highs at 0.7328 levels. The pair is retreating back after hitting strong resistance at 0.7328 levels. The pair is expected to decline further towards 0.7300 and later 0.7260 levels in the short term.

• The resistance level at 0.7354 (61.8% Retracement level),is likely to hold the Aussie bulls and push the pair downwards, therefore short rally near 0.7340  should be taken as advantage for selling opportunities.

• To the upside, the immediate resistance can be seen at 0.7320 (50% Retracement level), a break above this level would take it to next resistance level at 0.7354 (61.8% Retracement level), to the downside, the first support level lies at 0.7302 (38.2% Retracement level).                        

Recommendation: Go short below 0.7340, targets 0.7290, 0.7260, SL 0.7480

Resistance Levels

R1: 0.7320 (50% Retracement level)                        

R2: 0.7354 (61.8% Retracement level)

R3: 0.7376 (Aug 18th high)

Support Levels

S1: 0.7302 (38.2% Retracement level)

S2: 0.7283 (23.6% Retracement level)

S3: 0.7299 (38.2% Retracement level)