The Aussie came under pressure in early European trading and returns near session low at 0.7944, posted after gap-lower opening on Monday. Weak Australian data overnight also helped near-term bears after recovery attempts in Asia were limited at 0.7970 zone. Rising geopolitical tensions also weigh, however, overall bullish structure remains intact for now as the price stays above converged daily Tenkan-sen/Kijun-sen lines (0.7930/25) which mark pivotal support and guard daily cloud top (0.7891). RBA’s policy meeting on Tuesday is in focus with expectations for unchanged interest rates at 1.5% but investors will be looking for post-meeting rhetoric for signals.
Res: 0.7970, 0.7995, 0.8010, 0.8042
Sup: 0.7944, 0.7925, 0.7911, 0.7891
