The Aussie dollar extends bear-leg from 0.7205 on Tuesday and broke through important supports at 0.7128 (20SMA / Fibo38.2% of 0.7003/0.7205) and 30SMA (0.7116).
Reduced risk appetite on weaker Chinese equities and firmer greenback, add to negative near-term sentiment, along with rising bearish momentum.
Deeply oversold stochastic suggest bears may pause before extending towards 0.7080 (Fibo 61.8%) and 0.7053 (2 Apr trough), as markets await release of Australian inflation data, due early Wednesday.
Daily close below broken support at 0.7128 (20SMA / Fibo 38.2%) is needed to maintain bearish bias.
Res: 0.7128, 0.7139, 0.7152, 0.7187
Sup: 0.7104, 0.7080, 0.7083, 0.7041
