The Australian dollar bounced from new 2018 low at 0.7758 posted on Friday, signaling hesitation ahead of strong supports at 0.7750/40 (200SMA/Fibo 61.8% of 0.7500/0.8135/rising daily cloud top). The pair is moving in steep two-week descend from 0.8135 peak, which could take a breather on oversold studies and week-end profit-taking. Initial barrier at 0.7800 has been tested, with 0.7850 zone coming next and extended upticks to be capped under 0.7900 zone (Fibo 38.2% of 0.8135/0.7758 fall/06/07 Feb double upside rejection) to keep overall bears intact.
Res: 0.7800, 0.7847, 0.7910, 0.7937
Sup: 0.7758, 0.7750, 0.7740, 0.7687
. The pair is moving in steep two-week descend from 0.8135 peak, which could take a breather on oversold studies and week-end profit-taking. Initial barrier at 0.7800 has been tested, with 0.7850 zone coming next and extended upticks to be capped under 0.7900 zone (Fibo 38.2% of 0.8135/0.7758 fall/06/07 Feb double upside rejection) to keep overall bears intact.){kind=link}