The Aussie is in red today and holding below 20SMA, pressured by Australian trade data miss earlier today.
Downside pressure is increasing after repeated rejections above 0.7700 barrier and subsequent steady descend that took out some important supports.
Near-term studies are bearish and price action is holding within daily Tenkan-sen-sen and Kijun-sen lines (at 0.7686 and 0.7624 respectively) which mark pivotal points.
With near-term focus turned to the downside, immediate risk lies on probe below daily Kijun-sen support that would expose another pivot at 0.7600 (former congestion low / Fibo 23.6% of 0.7158/0.7739), loss of which would generate stronger reversal signal.
The notion is supported by reversal of weekly slow stochastic from overbought zone and triple weekly Doji that gives strong signal of stall of the rally from 0.7159.
Conversely, return and close above daily Tenkan-sen is needed to sideline immediate downside risk.
Res: 0.7686, 0.7705, 0.7739, 0.7758
Sup: 0.7624, 0.7600, 0.7575, 0.7517
