The Aussie dollar is back to red on Wednesday after attempts to extend Tuesday’s strong recovery rally stalled at 0.7475, capped by top of 4-hr cloud.
Subsequent weakness is probing below 4-hr cloud at 0.7446 (also 50% retracement of 0.7415/0.7475 recovery rally), which may further weaken near-term structure and shift focus towards key near-term support at 0.7415 (Tuesday’s low) and risk extension of pullback from 0.7516 high on break lower.
Mixed signals from daily studies show no clear near-term picture, with break through either pivot (0.7415 or 0.7475) needed for stronger direction signal.
Res: 0.7475, 0.7492, 0.7516, 0.7545
Sup: 0.7446, 0.7415, 0.7400, 0.7388
