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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.
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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)

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