Android Studio marks R in red with error message “cannot resolve symbol R”, but build succeeds

In every project I've tried to create in Android Studio, all usages of R are marked in red with the error message "cannot resolve symbol R", but the compilation succeeds and the application runs. This is really annoying, as it blocks auto-completion and shows huge red waved lines all over my code.

I'm running Android Studio 1.7.0 and creating the project with default settings. A screenshot is attached:

This is my build.gradle:

buildscript {
    repositories {
        mavenCentral()
    }
    dependencies {
        classpath 'com.android.tools.build:gradle:0.4'
    }
}
apply plugin: 'android'

dependencies {
    compile files('libs/android-support-v4.jar')
}

android {
    compileSdkVersion 17
    buildToolsVersion "17.0.0"

    defaultConfig {
        minSdkVersion 7
        targetSdkVersion 16
    }
}

This is how the Project Structure looks like:

Any idea how to fix this?