The Aussie is under strong pressure and eventually broke below strong support at 0.7489 (09 Mar low) on Monday that marked full retracement of 0.7489/0.7747 rally.
The pair is in red far the past three weeks, with last week’s strong bearish acceleration leaving long red weekly candle that heavily weighs on market.
Close below 0.7489 pivot will be seen as strong bearish signal for further extension of the wave C of five-wave cycle from 0.7747 that met its target at 0.7472 (FE 138.2%) today.
Consolidation around 0.7489 handle could be expected on oversold daily slow stochastic, however, the indicator is still pointing lower and without bullish signal for now.
Broken 100SMA (0.7511) offers solid resistance which keeps the upside limited for now, with extended upticks expected to hold below broken 200SMA (0.7550) to keep firm bearish structure intact.
Res: 0.7506, 0.7550, 0.7582, 0.7606
Sup: 0.7472, 0.7436, 0.7400, 0.7380
