Weekly
   •   Last Candlesticks pattern: Morning star
   •   Time of formation: 2 Jan 2017
   •   Trend bias: Sideways
Daily
   •   Last Candlesticks pattern: Long white candlestick
   •   Time of formation: 15 Mar 2017
   •   Trend bias: Up


Although aussie has slipped again after meeting resistance at 0.7680 and consolidation with initial downside bias is seen, as long as support at 0.7491 holds, prospect of another rebound remains and break of said resistance at 0.7680 would signal the retreat from 0.7750 has ended, bring retest of this level, break there would extend gain to previous chart resistance at 0.7778, however, break there is needed to retain bullishness and confirm early erratic upmove from 0.6827 (2016 low) has resumed for retest of 0.7835 (2016 high) first but sharp move beyond 0.7900-10 should not be repeated and price should falter well below psychological resistance at 0.8000. 


On the downside, whilst marginal weakness from here cannot be ruled out, reckon said support at 0.7491 would hold and bring another rise. A daily close below indicated support at 0.7491 would abort and signal recent rise from 0.7158 has ended, risk weakness to the lower Kumo (now at 0.7450) and then towards 0.7400 which is likely to hold from here, bring another upmove later. 


Recommendation: Hold long entered at 0.7600 for 0.7800 with stop below 0.7500.


On the weekly chart, aussie’s retreat after marginal rise to 0.7750 suggests consolidation below previous resistance at 0.7778 would be seen and pullback to the upper Kumo (now at 0.7545) cannot be ruled out before prospect of another rise later to 0.7750 and possibly test of 0.7778 resistance but as broad outlook remains consolidative, reckon upside would be limited and price should falter below 2016 high at 0.7835. Looking ahead, only above this level would suggest an upside break of recent established broad range has occurred, bring further subsequent rise to 0.7900 and later towards psychological level at 0.8000.
On the downside, whilst pullback to the upper Kumo (now at 0.7545) cannot be ruled out, price should stay well above support at 0.7491 and bring another rise later. A weekly close below said support at 0.7491 would suggest top is formed, bring test of the Kijun-Sen (now at 0.7468), a sustained breach below this level would signal the rise from 0.7158 has ended instead, risk further fall to 0.7400.
