The Australian dollar rallied after the unemployment rate fell to 4.6% in September. The pair has met stiff selling pressure near 0.7480, a supply zone from the sell-off in early September.
The RSI’s double top in the overbought area and its bearish divergence are signs of exhaustion. This has led cautious buyers’ to take some chips off the table with a drop below 0.7335.
0.7290 would be the support to monitor in case of a pullback. On the upside, a greater high would pave the way for September’s peak at 0.7460.
