The Aussie remains under pressure and penetrated into thick daily cloud that offered temporary support in previous sessions.
Yesterday’s close below cloud top (0.7631) and daily Kijun-sen (0.7618) generated bearish signal, with the pair holding firmly in the cloud today and met next target at 0.7588 (Fibo 61.8% of 0.7489/0.7747 upleg).
This also marks pivotal support and close below it would trigger further downside extension towards next significant support at 0.7544 (200SMA).
Daily bulls are fading and support further easing, however, oversold slow stochastic suggests that near-term bears may be paused.
The pair is currently moving between 0.7588 Fibo support and daily cloud top (currently at 0.7631), which is expected to cap and keep near-term bears in play for fresh attempts lower.
Res: 0.7618, 0.7631, 0.7649, 0.7666
Sup: 0.7588, 0.7544, 0.7531, 0.7489
