The Aussie dollar climbed back above 0.7600 after overnight’s dips were contained at 0.7585 (Monday’s low / broken Fibo 61.8% of 0.7749/0.7328 descend). The pair maintains bullish bias with near-term action in consolidation mode on repeated failure at 0.7630 zone.
Technical studies on daily chart remain firmly bullish and supportive for further advance.
The price is currently riding on the third wave of five-wave pattern from 0.7328 (09 May low) which met its 138.2% Fibonacci expansion at 0.7634 and could travel to its FE 161.8% at 0.7677.
Bullish cross of 10/100SMA’s underpins the action with rising 10SMA / Tenkan-sen at 0.7570/74, tracking the rally and expected to hold corrective dips.
Res: 0.7635, 0.7650, 0.7679, 0.7700
Sup: 0.7585, 0.7570, 0.7556, 0.7539
