• AUD/USD inched higher to trade around one month high on Thursday as strong rebound in oil prices and sharp decline in US dollar supported Aussie bulls.
  
  
• Much of the move was due to a broad selloff in the U.S. dollar on speculation the Federal Reserve might not raise interest rates this year.
  
  
• Currently the pair is making an attempt to test support level at 0.9190.
  
  
• Further decline is expected to be limited as the pair finds strong support at 0.7150 which should limit downside and initiate rebound back towards higher side.
  
  
• To the upside, the strong resistance can be seen at 0.7237, a break above this level would take the pair towards next resistance level at 0.7291.
  
  
• To the downside immediate support can be seen at 0.7191, a break below this level will open the door towards next level at 0.7145.
  
  Recommendation: Go long around 0.7150, targets 0.7240, 0.7300, SL 0.7100
  
  Resistance Levels
  
  R1: 0.7237 (38.2% Retracement level)  
  
  R2: 0.7261 (Nov 26th high)
  
  R3: 0.7291 (23.6% Retracement level)
  
  Support Levels
  
  S1: 0.7191 (50% Retracement level)
  
  S2: 0.7150 (61.8% Retracement level)
  
  S3: 0.7100 (Psychological levels)