The Aussie holds in narrow consolidation on Thursday, following fresh extension of steep downtrend on Wednesday, which hit new multi-month low at 0.7651.
Bearish setup of daily MA’s and negative momentum studies keep the pair under pressure for eventual push towards 0.7500 target.
On the other side, deeply oversold slow stochastic warns of stronger bounce, which could be boosted by profit-taking after steep five-day fall.
Former base at 0.7640 (also weekly cloud base) barks strong resistance which is expected to cap upticks and keep larger bears intact.
Res: 0.7580, 0.7606, 0.7640, 0.7682
Sup: 0.7551, 0.7535, 0.7500, 0.7481
