The Aussie cracked 200SMA barrier on Tuesday’s recovery extension to 0.7554, following strong rally on Monday (the biggest one-day gains since 15 Mar).
However, the pair was so far unable to hold gains, as the price returned to 100SMA (0.7524), after yesterday’s rally closed just below it.
Failure to clearly break 100 and 200SMA barriers would signal recovery stall and risk fresh downside, as daily studies are overall bearish.
Conversely, reversal signal will be generated on sustained break above 200SMA, where the upper boundary of falling wedge also lies.
Res: 0.7510, 0.7549, 0.7558, 0.7582
Sup: 0.7524, 0.7513, 0.7482, 0.7464
