• AUD/USD found renewed bearish momentum on Thursday as the pair was weighted down by domestic data and falling oil prices.
   
• Retail sales for the month of  April declined slightly to print at 0.2 percent, undershooting expectations of a 0.3 percent, while the trade deficit narrowed to A$1.6 billion versus forecasts of a A$2 billion gap.
   
• Currently the currency pair is trading around 0.7225 levels, it is set to decline further towards 0.7170 later towards 0.7140 levels in the short term.
   
• Short pullback around 0.7275 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading.
   
• Strong support can be seen at 0.7144, a break below this level will expose the pair towards next support level located at 0.7100.
   
• Major resistance can be seen at 0.7300, a break above this level will open the gates towards 0.7364 levels.
  
  Resistance Levels
  
  R1: 0.7232 (50% Retracement Level)
  
  R2: 0.7274 (61.8% Retracement Level)
  
  R3: 0.7300 (June 1st high)
  
  Support Levels
  
  S1: 0.7194 (38.2 % Retracement Level)
  
  S2: 0.7144 (23.6 % Retracement Level)
  
  S3: 0.7100 (Psychological levels)