The Australian dollar accelerated lower in early European trading and erased all overnight gains on upbeat Australian jobs data (employment change 50.9K in Jun vs 16.7K f/c and 13.5K in May).
Post-data rally stalled at 0.7441 (former double upside rejection of 16/17 July), with subsequent fall, accelerated by weak Chinese yuan and strong US dollar, confirming strong resistance here and repeated failure to clearly break above falling 30SMA.
Fresh weakness brings daily MA’s back to full bearish setup, as momentum is breaking into negative territory and adding to growing bearish pressure.
Near-term risk turns towards pivots at 0.7360 (11/12 July lows) and 0.7343 (Wednesday’s spike low) break of which would open key support at 0.7310 (02 July low, the lowest from 01 Sep 2017).
Res: 0.7412, 0.7425, 0.7442, 0.7483
Sup: 0.7360, 0.7343, 0.7322, 0.7310
