The Australian dollar eases on Thursday, following strong bullish acceleration in past two days, as bulls started to lose traction on approach to key barriers at 0.7556/63 (50% retracement of 0.8007/0.7106 downtrend / 200DMA).
Bulls remain firmly in play on daily and weekly chart, signaling further advance, with brief corrections expected to provide better buying opportunities.
Break above former recovery high (0.7478, Sep 3) looks for weekly close above this level to complete failure swing pattern on weekly chart and spark fresh acceleration higher, with close above 0.7556/63 pivots to confirm signal.
Bull-cross of 10/100DMA (0.7401) additionally supports the action, with extended dips to find ground here and keep bulls in play.
Res: 0.7556, 0.7563, 0.7599, 0.7616.
Sup: 0.7465, 0.7401, 0.7378, 0.7360.
