The Aussie extends recovery from fresh multi-month low at 0.7438, posted on Thursday and probes above 0.7500, round-figure barrier.
The first layer of strong barriers 0.7510/13 (falling daily Tenkan-sen 10SMA) comes under pressure, followed by 0.7523/27 (100SMA / Fibo 61.8% of 0.7582/0.7438, reinforced by falling 20SMA) which guards the upper breakpoint at 0.7549 (200SMA / the upper trendline of falling wedge).
Firm break above the latter is needed to confirm reversal and turn focus towards highs at 0.7582 and 0.7608 (24 / 17 Apr highs respectively).
Otherwise, current rally could be seen as correction of larger downtrend which should be ideally capped under 0.7527 barrier, ahead of fresh attempts lower.
Return to 0.7438 low would risk extension towards target at 0.7384 (Fibo 61.8% of 0.7159/0.7747 ascend).
Res: 0.7510, 0.7527, 0.7549, 0.7558
Sup: 0.7464, 0.7438- 0.7384, 0.7329
