The Australian dollar fell to 0.7300 zone on Wednesday, pressured by decision of Australia’s Westpac Banking Corporation to increase home loan rates, extending pullback from 0.7362 (Tuesday’s high) where upside attempts were repeatedly capped by falling 30SMA.
Fresh weakness found footstep at .7300 zone (50% of 0.7237/0.7362 upleg), but near-erm risk turns lower on weaker momentum and daily MA’s returning to bearish setup.
Loss of 0.7300 handle would expose pivotal support at 0.7285 (Fibo 61.8%), break of which would confirm reversal and lower top at 0.7362 and risk return to 0.7238/40 ( 24/23 Aug lows).
Broken falling 20SMA marks solid resistance at 0.7328 and only close above here would sideline downside risk.
Res: 0.7328, 0.7353, 0.7380, 0.7453
Sup: 0.7300, 0.7285, 0.7267, 0.7238
