The Australian dollar is under pressure after flat retail sales numbers in May.
The sell-off below the major daily support (0.7550) and the lower range of a near six-month consolidation, are a strong bearish signal for the coming weeks. The pair is hovering above the next support at 0.7475 from the daily timeframe.
On an intraday level, the RSI has recovered from an extremely oversold situation. The bullish divergence suggests a loss in the downward momentum. A rebound will need to clear 0.7550 to gain traction.
