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FxWirePro: AUD/USD consolidating around 0.7390, bias is bullish

  • 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)
  • Market Data
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