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2016.04.2514:57:00UTC+00Fxwirepro: Aud/usd Rises Near 11-Month High, Bias Remains Bullish

  • 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.
    .  
     
  • 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)

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