The Aussie dipped to 0.8042 on Tuesday, in extension of pullback from 0.8135 peak but stayed above rising 10SMA (0.8033) which marks the first pivot.
Subsequent bounce returned into thick hourly cloud (spanned between 0.8070 and 0.8098), easing immediate downside pressure.
However, hourly studies remain week and would keep the downside at risk while the price holds within hourly cloud.
Bullish scenario requires sustained break above the cloud to neutralize downside threats and open way for retest of 0.8135 peak.
Otherwise, risk of renewed attack at 10SMA is expected to remain in play with break lower to expose next pivots at 0.8010/00 zone (Fibo 38.2% of 0.7807/0.8135 upleg / psychological support).
Break here is needed to generate stronger bearish signal for deeper correction.
Res: 0.8100, 0.8118, 0.8135, 0.8164
Sup: 0.8042, 0.8033, 0.8000, 0.7971
 which marks the first pivot. Subsequent bounce returned into thick hourly cloud (spanned between 0.8070 and 0.8098), easing immediate downside pressure.){kind=link}