The Aussie dollar is slightly higher on Thursday, in consolidation above weekly cloud base (0.7641) which contained strong fall in past two days.
Tuesday’s outside day and fresh extension lower on Wednesday continue to weigh, along with multiple bear-crosses of daily MA’s and 14-d momentum heading south, deeply in negative territory.
Limited recovery action is seen likely before renewed attack at weekly cloud base, which marks the last obstacle on the way towards key m/t support, higher base at 0.7500 (early Dec 2017 lows).
Falling 10SMA (0.7702) is expected to ideally cap, while extension above would delay bears and expose next strong barriers at 0.7757/61 (27 Mar high / falling 20SMA).
Res: 0.7679, 0.7702, 0.7714, 0.7757
Sup: 0.7641, 0.7600, 0.7586, 0.7556
