• The pair has found renewed bearish momentum on Friday after failing to break resistance level at 0.7247 and is approaching to test support level located at 0.7207.
   
• Currently the currency pair is trading around 0.7220 levels, it is set to decline further towards 0.7180 and later towards 0.7150 levels in the short term.
   
• Short pullback around 0.7240 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading.
   
• Strong support can be seen at 0.7207, a break below this level will expose the pair towards next support level located at 0.7174.
   
• Major resistance can be seen at 0.7284, a break above this level will open the gates towards 0.7364 levels.
  
  Resistance Levels
  
  R1: 0.7247 (50% Retracement Level)
  
  R2: 0.7284 (61.8% Retracement Level)
  
  R3: 0.7364 (May 17th high)
  
  Support Levels
  
  S1: 0.7207 (38.2 % Retracement Level)
  
  S2: 0.7174 (May 19th lows)
  
  S3: 0.7158 (23.6 % Retracement Level)