The Aussie dollar holds firmly in red on Wednesday and extends lower after strong fall on Tuesday, to hit new lows of over three months.
News that China prepares a list of tariffs for US goods, increased pressure on Aussie.
Today’s fresh weakness signaled eventual break through the floor of week-long congestion (0.7672) which generates strong bearish signal for continuation of larger downtrend from 0.8135 (2018 high).
Fresh bears eye next pivotal supports at 0.7650/41 (Fibo 76.4% of 0.7500/0.8135 rally / weekly cloud base), break of which could open way towards key med-term support at 0.7500 (11 Dec low).
Res: 0.7700, 0.7715, 0.7757, 0.7775
Sup: 0.7650, 0.7641, 0.7600, 0.7586
