• AUD/USD declined on Thursday after soft inflation data weighted on Australian dollar on expectation of a cut in rates by Reserve Bank of Australia.
   
• The Australian dollar initially rose in the Asian session against its American rival, but declined after finding strong resistance strong at 0.7665.
   
• Further upside is expected to be limited as the pair finds strong resistance at 0.7655 which should limit upside and bring a decline towards lower levels. 
   
• To the upside, the strong resistance can be seen at 0.7655, a break above this level would take the pair towards next resistance level at 0.7715.
   
• To the downside immediate support can be seen at 0.7595, a break below this level will open the door towards next level at 0.7554
  
  
  Resistance Levels
  
  R1: 0.7628 (50% Retracement level)  
  
  R2: 0.7655 (61.8% Retracement level)
  
  R3: 0.7715 (April 13th high)
  
  Support Levels
  
  S1: 0.7595 (38.2% Retracement level)
  
  S2: 0.7554 (38.2% Retracement level)
  
  S3: 0.7500 (Psychological levels)