The Australian dollar bounces from new low at 0.7165 which lays just above strong supports at 0.7160 zone (May/Dec 2016 / Jan 2017 higher base), following strong fall last week (the pair was down 1.7% for the week). Profit-taking after four-day fall and oversold studies may keep the price in consolidative mode before fresh attack at 0.7160 pivot, loss of which could spark fresh bearish acceleration towards psychological 0.70 support at key longer-term support at 0.6825 (Jan 2016 low) in extension. Falling daily Tenkan-sen (0.7267) is expected to cap upside attempts.
Res: 0.7237, 0.7267, 0.7293, 0.7305
Sup: 0.7160, 0.7100, 0.7000, 0.6825
