The Aussie dollar bounced from 0.7650 (floor five-day congestion) on Tuesday and tested range top at 0.7706, after Australian central bank kept rates unchanged at record low at 1.5% for 20 straight months and showing no signs of any change in the policy until next year.
Fresh upside action probes above 10SMA (0.7694) which marks initial pivot, clear break of which could signal and end of extended sideways trading and fresh recovery.
Daily techs remain in firm bearish setup and extension above 10SMA would result in limited recovery which should be capped by falling 20SMA (0.7746) before broader bears resume.
Only close above 20SMA would sideline downside risk and signal stronger correction.
Res: 0.7706, 0.7746, 0.7763, 0.7775
Sup: 0.7681, 0.7642, 0.7600, 0.7586
