The Aussie dollar accelerated lower on Monday and threatens to fully retrace Friday’s recovery ( Friday’s close was the first positive daily close after six straight days in red).
Better than expected Chinese Mfg / non-Mfg data on Monday did not impact the Aussie which returned to red and signals that steep fall from 0.7810 double-top might extend.
Bearish daily techs support the notion, as bullish signals from slow stochastic reversing from deep oversold territory had minor impact so far.
Key support at 0.7500 (08 Dec low) remains in focus, as break here would spark fresh bearish acceleration on confirmation double-top on weekly chart (0.8124/35).
Strong barriers at 0.7630/40 zone (broken bull-trendline off 2016 low at 0.6826 / falling 10SMA / weekly cloud base) are expected to limit extended corrective attempts and keep strong bearish stance intact.
Res: 0.7583, 0.7606, 0.7630, 0.7641
Sup: 0.7532, 0.7500, 0.7477, 0.7420
