The Aussie is in red for the second day and extends pullback from double upside rejection at 0.7747.
Tuesday’s close in red that formed Bearish Engulfing reversal pattern and slow stochastic reversal from overbought territory, generated bearish signal for today’s extension below pivotal support at 0.7649 (Fibo 38.2% of 0.7489/0.7747 upleg).
Overall bullish structure sees current pullback as correction, which is expected to end above top of rising thick daily cloud at 0.7597, to keep bulls in play for fresh attempts higher.
Conversely, penetration into daily cloud may sideline bulls in favor of deeper correction. Daily close below 0.7588 (Fibo 61.8% of 0.7489/0.7747 upleg) is expected to signal top at 0.7747 and further easing.
Res: 0.7687, 0.7735, 0.7747, 0.7758
Sup: 0.7626, 0.7597, 0.7588, 0.7550
