AUD/USD has slipped towards 0.7000 levels after the release of Non-farm payrolls data in the early US session today. However, the pair is attempting to rebound from 0.7000 after testing support level located at 0.7000. The support level at 0.7000 is set to act as strong barrier to bears and bring a rebound towards 0.7060 and later towards 0.7100 levels. Therefore, it's good to buy this pair above 0.7010 levels.
- To the upside, the strong resistance can be seen at 0.7054, a break above this level would take the pair towards next resistance level at 0.7100.
- To the downside immediate support can be seen at 0.7000 (23.6% Retracement level), a break below this level will open the door towards next level at .6936 (Sep 29th lows).
Recommendation: Go long above 0.7010, targets 0.7050, 0.7100, SL 0.6920
Resistance Levels
R1: 0.7029 (38.2% Retracement level)
R2: 0.7054 (50% Retracement level)
R3: 0.7080 (61.8% Retracement level)
Support Levels
S1: 0.7000 (23.6% Retracement level)
S2: 0.6978 (Sep 25th lows)
S3: 0.6936 (Sep 29th lows)
