FxWirePro: AUD/USD consolidating around 0.7390, bias is bullish
Friday, June 17, 2016 4:31 PM UTC
- AUD/USD inched higher on Friday as better-than-expected employment data released on Thursday and the Federal Reserve's more dovish tone provided strength in the Aussie.
- Adding to the Aussie strength was also due to rise in crude oil prices, which rose for the first time in seven days.
- The currency pair is trading around 0.7390 levels, it is expected to reach 0.7430 and 0.7460 levels in the short term.
- To the upside, the strong resistance can be seen at 0.7444, a break above this level would take the pair towards next resistance level at 0.7500.
- To the downside immediate support can be seen at 0.7346, a break below this level will open the door towards next level at 0.7303.
Resistance Levels
R1: 0.7395 (38.2% Retracement level)
R2: 0.7444 (23.6% Retracement level)
R3: 0.7500 (Psychological levels)
Support Levels
S1: 0.7346 (50% Retracement level)
S2: 0.7303 (61.8% Retracement level)
S3: 0.7282 (June 16th lows)