The Australian dollar hit resistance after worse-than-expected consumer inflation expectations.
The pair is still under pressure after it met stiff selling pressure at the 20-day moving average (0.7400).
The drop below the key support at 0.7330 may have threatened the chance of a sustainable rebound. Only a bullish close above 0.7400 would bring back confidence to the bulls.
Otherwise, past 0.7320 the bears would challenge the floor at 0.7290. A breakout could trigger an extended sell-off as those who bought the dip switch side.
