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FxWirePro: AUD/USD outlook weaker on renewed downside pressure

  • The AUD/USD declined on Thursday after upbeat U.S. factory data and two more Federal Reserve officials pushed towards the case for a rate hike boosting the greenback.
     
  • Currently, the currency pair is trading at 0.7614 levels, it is set to decline towards 0.7580 and 0.7540 levels in the short term.
     
  • Short pullback around 0.7640 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading.
     
  • To the upside, the strong resistance can be seen at 0.7652, a break above this level would take the pair towards next resistance level at 0.7723.
     
  • To the downside immediate support can be seen at 0.7590, a break below this level will open the door towards next level at 0.7552.

    Resistance Levels

    R1: 0.7621 (50% Retracement level)

    R2: 0.7652 (61.8% Retracement level)

    R3: 0.7723 (Psychological levels)

    Support Levels

    S1: 0.7590 (38.2% Retracement level)

    S2: 0.7552 (23.6% Retracement level)

    S3: 0.7500 (Psychological levels)

 

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