The Aussie dollar accelerated further down on Tuesday and broke below pivotal support at 0.7795 (Fibo 61.8% of 0.7732/0.7897 upleg).
Last Friday’s long red daily candle continues to weigh strongly for bearish extension towards 0.7732 (06 Oct low), to mark full retracement of 0.7732/0.7897 upleg.
Bearish daily techs are supportive, with formation of 20/100SMA bear-cross, additionally weighing on near-term action.
Close below 0.7795 will be bearish signal for further easing through 0.7771 (Fibo 76.4%) towards 0.7732 target.
Meanwhile, bears may take a breather ahead of 0.7732 as strongly oversold slow stochastic warns of correction.
Initial resistance lies at 0.7824 (20/100 bear-cross / session high) while daily cloud base (0.7848) is expected to cap extended upticks.
Res: 0.7824, 0.7848, 0.7883, 0.7897
Sup: 0.7771, 0.7732, 0.7712, 0.7670
