• AUD/USD inched higher on Monday as rally in oil prices and slight weakness in US dollar supported Aussie bulls.
   
• Aussie was also supported by gains in in iron ore prices, Australia’s biggest export earner which hit 10 months highs.
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• Any decline towards lower levels is limited as Australian dollar is stronger against its American rival in the intraday trading
   
• To the upside, the strong resistance can be seen at 0.7736, a break above this level would take the pair towards next resistance level at 0.7758.
   
• To the downside immediate support can be seen at 0.7700, a break below this level will open the door towards next level at 0.7670.
  
  
  Resistance Levels
  
  R1: 0.7736 (38.2% Retracement level)  
  
  R2: 0.7758 (April 4th high)
  
  R3: 0.7773 (23.6% Retracement level)
  
  Support Levels
  
  S1: 0.7700 (50% Retracement level)
  
  S2: 0.7670 (61.8% Retracement level)
  
  S3: 0.7630 (March 15th lows)