The Aussie dollar is consolidating after strong fall in past two days which dipped to 0.7590 (contained by rising 20SMA) but failed to close below pivotal 0.7600 support. Upside attempts were so far limited and stay below falling hourly cloud, keeping the downside at risk, as Tuesday’s long bearish candle continues to weigh.
Sustained break below 0.7600/0.7590 pivots 9Fibo 61.8% of 0.7535/0.7712 upleg/20SMA) is needed to trigger fresh extension of bear-leg from 0.7712 peak towards 0.7552 (100SMA) and to expose key near-term support at 0.7535 (22/23 June higher base).
Conversely, break above hourly cloud (currently spanned between 0.7636/43) would ease downside pressure and allow for stronger correction of 0.7712/0.7590 fall.
Res: 0.7624, 0.7636, 0.7665, 0.7694
Sup: 0.7590, 0.7577, 0.7552, 0.7535
