The Aussie dollar bounces after repeated rejection at strong 0.7055 support today, as downside attempts in past two days stalled here.
Momentum broke into positive territory and slow stochastic is about to reverse from oversold zone, supporting idea of stronger recovery, but extension and close above 0.7102/10 (10SMA/base of 4-hr cloud/falling 20SMA) is needed to confirm scenario and sideline existing risk of retesting key support – 0.7040 zone base.
Overall picture is bearish and favors selling upticks before final attack at targets at 0.7040 (base) and psychological 0.7000 support.
Res: 0.7084, 0.7102, 0.7110, 0.7149
Sup: 0.7055, 0.7040, 0.7000, 0.6973
