The Aussie dollar remains in red on Tuesday despite bounce from session low (0.7509) also one week low, as the upside was capped by falling 30SMA which limited the action in past few days and maintains pressure.
Daily MA’s returned to bearish configuration and helped by bearish divergence on 21-d momentum, maintaining bearish near-term bias.
Bears need close below cracked Fibo support at 0.7531 (38.2% of 0.7412/0.7605 upleg) to generate fresh bearish signal for extension through psychological 0.7500 support and test of next pivot at 0.7486 (Fibo 61.8% of 0.7412/0.7605).
Stronger upticks should stay below broken 10SMA (0.7543) which turned sideways, while break and close above converged falling 5/30SMA’s (0.7550) would generate bullish signal and sideline existing downside risk.
Res: 0.7543; 0.7550; 0.7590; 0.7605
Sup: 0.7524; 0.7509; 0.7486; 0.7457
