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AUDUSD – Break Through Key Supports Opens Way For Further Weakness

The Aussie dollar extends steep fall of past three days on Tuesday and cracks key supports at 0.7635/17 (Fibo 38.2% of larger 0.6826/0.8135 ascend/main bull-trendline off 2016 low at 0.6826). Firm break here would generate strong bearish signal for extension of fall from 0.8135 (2018 high). Bearish techs maintain negative outlook which was boosted by weaker than expected Australian CPI data that suggest RBA could further stay on hold. However, bears may show hesitation before clearly breaking key 0.7635/17 support, as slow stochastic is strongly oversold on daily chart. Corrective upticks would face solid barriers at 0.7640 (former base) and 0.7704 (falling 20SMA).

Res: 0.7640, 0.7682, 0.7704, 0.7719
Sup: 0.7578, 0.7535, 0.7500, 0.7481

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