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FxWirePro: AUD/USD stuck in range but outlooks remains bullish

AUD/USD paused near 8-month high on Tuesday as heavy yen buying and disappointing Chinese trade data weighted on Aussie bulls.

  • Currently the pair is making an attempt to test resistance level at 0.9500.
     
  • Further decline is expected to be limited as the pair finds strong support at 0.7414 which should limit downside and initiate rebound back towards higher side.
     
  • To the upside, the strong resistance can be seen at 0.7500, a break above this level would take the pair towards next resistance level at 0.7600.
     
  • To the downside immediate support can be seen at 0.7414, a break below this level will open the door towards next level at 0.7390.

    Resistance Levels

    R1: 0.7500 (Psychological levels)  

    R2: 0.7538 (38.2% Retracement level)

    R3: 0.7618 (23.6% Retracement level)

    Support Levels

    S1: 0.7414 (61.8% Retracement level)

    S2: 0.7390 (March 7th lows)

    S3: 0.7340 (March lows)

 

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