The Australian dollar stands at the back foot on Monday and eases below 0.74 handle, following another rejection at strong 0.7440 resistance zone (triple failure was registered last week), as attempts to extend Friday’s strong rally lacked strength to eventually break higher. the pair is losing momentum and probes back below a cluster of MA’s (10,20,30) between 0.7411 and 0.7394, with break lower (20SMA marks pivotal support at 0.7394) to generate bearish signal for deeper fall towards key supports at 0.7317/10 (20/2 July base). Bullish scenario requires firm break above 0.7440 platform to expose key barriers at 0.7476 (55SMA) and 0.7483 (09/10 July double-top).
Res: 0.7411, 0.7442, 0.7476, 0.7483
Sup: 0.7394, 0.7360, 0.7317, 0.7310
