FxWirePro: AUD/USD key resistance at 0.7240, Downside prevails in the short term

AUD/USD rebounded strongly towards 0.7240 earlier in US session. However, the pair turned back after failing to break resistance level at 0.7240, as the Aussie ran out of strength against US dollar. The pair has to close above 0.7350 in order to find any bullish momentum unless until the pair remains under bears control.

• To the upside, the strong resistance can be seen at 0.7240, a break above this level would take the pair towards next resistance level at 0.7275.
   
• To the downside immediate support can be seen 0.7175, a break below this level will open the gates towards next level at 0.7150.
  
  Recommendation: Go short below 0.7240, targets 0.7190, 0.7160, SL 0.7310
  
  Resistance Levels
  
  R1: 0.7240 (61.8% Retracement level)
  
  R2: 0.7275 (Oct 21st high)
  
  R3: 0.7300 (Oct 20th high)
  
  Support Levels
  
  S1: 0.7175 (61.8 % Retracement level)
  
  S2: 0.7150 (Oct 7th lows)
  
  S3: 0.7120 (38.2% Retracement level)