The pair trades off today’s marginally lower low at 0.7530, after failing to break below weekly 100SMA (0.7544) and showing no significant reaction on RBA minutes released overnight.
Overall structure remains firmly bearish but oversold daily studies warn of stronger corrective action.
Monday’s high at 0.7573 marks initial resistance, lift above which would attract falling 10SMA barrier (0.7611).
This marks the first pivot for stronger recovery which could extend to 0.7643 (falling 20SMA) on break.
On the downside, sustained break through weekly 100SMA and 0.7516 (Fibo 76.4% of 0.7328/0.8124) would signal continuation of broader downtrend.
Res: 0.7573, 0.7611, 0.7643, 0.7695
Sup: 0.7544, 0.7516, 0.7496, 0.7460
