The Aussie dollar bounced from fresh over one week low at 0.7415 on Tuesday, pulled by fresh losses on EURAUD cross, sidelining immediate downside risk seen on break below 0.7400 pivot.
The downside remains protected by 20SMA (0.7423) for now, despite several attempts below the support.
Technical studies are overall negative and see risk of fresh downside after correction, however, stronger recovery above 0.7470 (4-hr cloud top) would generate initial signal of basing and open way for further retracement of 0.7516/0.7416 downleg.
Otherwise, early recovery rejection would keep bears in play for renewed attack at 0.7400 trigger, loss of which would confirm reversal from 0.7516 peaks.
Res: 0.7470, 0.7500, 0.7516, 0.7545
Sup: 0.7435, 0.7415, 0.7400, 0.7388
