The Aussie dollar remains in strong bearish mode and posted new four-month low at 0.7333 on Tuesday on strong bearish acceleration after disappointing Australian Retail Sales data for March. Markets are awaiting release of Australian budget data which may have stronger impact on the pair.
Bears found temporary footstep just ahead of strong support at 0.7329 (weekly cloud base) and may show stronger hesitation here as daily studies are oversold, but no firmer bullish signal seen so far.
Falling daily Tenkan-sen/10SMA offer strong resistances at 0.7445 which is expected to cap extended corrective upticks.
Close below cracked 0.7384 support (Fibo 61.8% of 0.7159/0.7747 ascend) which so far resisted several attacks, is needed to confirm bearish stance. Eventual break below weekly cloud base would expose target at 0.7298 (Fibo 76.4% of 0.7159/0.7747) and risk extension towards key med-term support at 0.7159 base (posted on end of Dec 2016).
Res: 0.7366, 0.7396, 0.7428, 0.7445
Sup: 0.7329, 0.7301, 0.7286, 0.7250
