The pair remains within 0.7600/0.7700 range for the second week, with range’s upper boundary being pressured.
Fresh attempts higher are under way, following yesterday’s repeated rejection at 0.7700 zone and subsequent sharp pullback.
Aussie regained strength after yesterday’s limited US dollar’s rally that was contained just above range floor at 0.7600 and managed to close above rising Tenkan-sen (currently at 0.7649) that continues to underpin.
Technical studies remain firmly bullish and favor renewed attacks at 0.7700 pivot, break of which would signal bullish continuation towards key short-term barriers at 0.7755/75 zone (Aug/Nov 2016 consolidation tops).
Alternative scenario requires firm break below 0.7600 support zone (reinforced by rising 20 SMA) to generate stronger bearish signal.
Res: 0.7694, 0.7732, 0.7755, 0.7775
Sup: 0.7646, 0.7616, 0.7600, 0.7568
