The Australian dollar is holding within narrow consolidation on Wednesday as pullback from 2021 high (0.7820) found footstep at 0.7563 (rising 55DMA) on Tuesday.
The support is seen tentative as remarks from RBA about extended period of ultra-low interest rates on high unemployment and low inflation, sours the sentiment.
Daily studies show rising bearish momentum and formation of multiple MA bear-crosses weighs on near-term action.
Firm break of 55DMA would further weaken the structure and risk test of key supports at 0.7500 zone (daily cloud top / Fibo 38.2% of 0.6991/0.7820 / rising 100DMA).
Repeated close below broken Fibo support at 0.7624 (23.6%) is needed to keep near-term bias with bears and guard pivotal barriers at 0.7660/75 (former higher base / falling 10DMA).
Res: 0.7624, 0.7660, 0.7675, 0.7704
Sup: 0.7601, 0.7563, 0.7516, 0.7503
