The Aussie dollar remains at the back foot on Tuesday and pressures lower pivots at 0.7399/94 (5SMA / base of thick hourly cloud) following Monday’s close in red after repeated upside failure which left a double-top.
Falling 10SMA capped the action and continues to pressure (currently at 0.7428) as daily studies show MA’s in bearish configuration and 14-d momentum heading south, deeply in negative territory.
Negative sentiment is helped by risk-off mode and close below 5SMA / hourly cloud base would be negative signal for possible extension towards key supports at 0.7345/25 (19/21 June base / Fibo 61.8% of larger 0.6825/0.8135 ascend).
Immediate downside risk could be sidelined on close above 10SMA, but break and close above 0.7472 (Fibo 38.2% of 0.7676/0.7345 bear-leg) is needed to confirm continuation of recovery from 0.7345 base.
Res: 0.7428, 0.7443, 0.7472, 0.7511
Sup: 0.7394, 0.7383, 0.7368, 0.7345
