The Aussie dollar stands at the back foot on Tuesday following previous day’s strong upside rejection and repeated close below trendline resistance.
Fresh weakness is pressuring 10SMA support (0.7592) the lower boundary of near-term congestion between 10SMA and 20SMA), with increased downside risk expected on sustained break lower.
Bearish scenario look for hourly trough at 0.7555 (22 Nov low) and expose key support at 0.7530 (21 Nov multi-month low).
Alternative scenario needs firm break above 20SMA (0.7628) to neutralize downside risk.
Res: 0.7615, 0.7644, 0.7669, 0.7693
Sup: 0.7587, 0.7555, 0.7530, 0.7500
