The Aussie extends consolidation above fresh low at 0.7329, where weekly cloud base offered solid support and so far contained steep descend of past three weeks.
Upside attempts were limited under 0.7400 barrier for now, with Wednesday’s daily candle with long upper wick weighing on near-term action.
Extended consolidation could be expected while pivots at 0.7413/23 (Fibo 38.2% of 0.7554/0.7327 downleg/falling 10SMA) stay intact. Slow stochastic is attempting to break out of oversold zone which may signal stronger correction.
Break above 0.7413/23 pivots is needed for bullish extension towards to open falling 20SMA barrier at 0.7477.
Strong bearish setup of daily studies suggests limited upside before larger bears resume, Firm break below weekly cloud will be seen as strong bearish signal.
Res: 0.7392, 0.7413, 0.7423, 0.7477
Sup: 0.7329, 0.7298, 0.7250, 0.7200
