The Aussie dollar moved lower against its US counterpart after the Australian central bank left interest rates unchanged on Tuesday’s policy meeting.
The price moved lower after repeated upside rejection under 200SMA (0.7697) with formation of 10/200SMA death-cross, putting the pair under additional pressure.
Negative sentiment for Australian dollar comes also from wide expectations that US Federal Reserve will increase interest rates in December.
Fresh weakness pressures near-term congestion floor at 0.7630 zone (Fibo 38.2% of larger 0.6825/0.8124 ascend), as the price holds within 0.7630/0.7730 range for the second week.
Bearish daily studies keep near-term bias at the downside, with close below 0.7630 pivot to generate stronger bearish signal for extension of pullback from 0.8124 (08 Sep peak) towards targets at 0.7571/35 (05 July/23 June troughs and 0.7475 (50% of 0.6825/0.8124) in extension.
Falling daily Tenkan-sen offers strong resistance at 0.7677, followed by 200SMA at 0.7697, while range top at 0.7730 marks the upper breakpoint.
Res: 0.7677, 0.7697, 0.7729, 0.7753
Sup: 0.7630, 0.7571, 0.7535, 0.7500
