The Aussie stays at the back foot on Monday after failing to regain highs of Thu/Fri at 0.7428/28 after long-tailed daily candles of past two days signaled strong downside hesitation. With firmly bearish daily studies in play, extended narrow consolidation would be seen as likely near-term scenario, before larger bears resume. Close below cracked 0.73869 support (Fibo 61.8% of 0.7163/0.7747 rally and break below last week’s low at 0.7366, is needed to signal fresh downside action towards strong support at 0.7329 (weekly cloud base) and 0.7301 (Fibo 76.4%) in extension. Falling daily Tenkan-sen at 0.7460 is expected to cap extended upticks and keep bears intact.
Res: 0.7428, 0.7438, 0.7460, 0.7502
Sup: 0.7386, 0.7366, 0.7329, 0.7301