The Aussie resumed lower after brief consolidation on Wednesday and is probing below 200SMA pivot at 0.7549 which held the action of past two days.
The pair currently riding on the wave C (from 0.7677) of five-wave cycle from 0.7747 peak that reached its 100% Fibonacci expansion at 0.7530 today.
The pair may extend weakness towards next supports at 0.7508 (100SMA) and 0.7489 (09 Mar trough) in strong bearish environment of technical studies, with close below 200SMA seen as strong bearish signal.
Extended wave C could travel to its FE138.2% at 0.7472, on break below 0.7508/0.7489 pivots.
The pair may spend some time in consolidation before resuming downtrend, as slow stochastic is oversold on daily chart.
South-moving daily Tenkan-sen (0.7604) is expected to cap extended upticks.
Res: 0.7574, 0.7585, 0.7604, 0.7618
Sup: 0.7530, 0.7508, 0.7489, 0.7472
