The Aussie dollar remained under strong pressure on Wednesday and accelerated further down, extending pullback from Monday’s recovery peak at 0.7607.
The pair hit fresh low at 0.7503 (Fibo 76.4% of 0.7471/0.7608 recovery rally, after surging through strong supports at 0.7523 (Fibo 61.8%) and 0.7519 (100SMA).
This signaled an end of corrective phase and turned focus towards key near-term support at 0.7471 (12 Apr low / daily cloud base).
Asymmetric H&S pattern is forming on daily chart neckline lies just under 0.7471 pivot) with break lower to signal fresh downside acceleration for further retracement of larger 0.7158/0.7747 ascend.
Daily MA’s are turning in full bearish setup and along with indicators in the negative territory, maintain strong pressure.
Broken daily Tenkan-sen (currently at 0.7540) and 200 SMA (0.7550) offer strong barriers and are expected to ideally cap corrective upticks.
Res: 0.7518, 0.7540, 0.7550, 0.7576
Sup: 0.7503, 0.7471, 0.7453, 0.7383
