• The pair has found renewed bearish momentum after failing to break resistance level at 0.7265 and is approaching to test support level located at 0.7222. 
  
  
• Currently the currency pair is trading around 0.7222 levels, it is set to decline further towards 0.7200 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 0.7159, a break below this level will expose the pair towards next support level located at 0.7104.
  
  
• Major resistance can be seen at 0.7265, a break above this level will open the gates towards 0.7312 levels.
  
  Recommendation: We prefer short around 0.7240, targets 0.7200, 0.7150, SL 118.30.
  
  Resistance Levels
  
  R1: 0.7244 (Daily high) 
  
  R2: 0.7265 (61.8% Retracement Level)
  
  R3: 0.7312 (Dec 10th high)
  
  Support Levels
  
  S1: 0.7222 (50 % Retracement Level)
  
  S2: 0.7187 (38.2 % Retracement Level)
  
  S3: 0.7159 (Daily lows)