After finding the support level at 0.7150, AUD/USD moved higher, although price rejected the 50% and then 38.2% Fibonacci levels. At the same time, the price is rejecting the downward trend line and the 50 Moving Average.
All these facts make the 0.7400 level a very strong resistance holding the pair from moving higher. This could be a good opportunity to sell AUD/USD at the current level (0.7385), targeting the potential double bottom area, where the nearest target is at 0.7200 and the lowest is 0.7150. The stop loss should be placed just above the 0.7400 resistance.
Support: 0.7200, 0.7150
Resistance: 0.7400, 0.7500
