The Aussie dollar bounced in early Thursday's reading after strong two-day fall found support at 0.7490 and improving tone of stocks and base metals underpinned AUD's near-term recovery. Steep descend in past two days that took out important supports and weakened near-term structure, as bears approached key support at 0.7472 (lows of 10-12 Apr, reinforced by the base of rising daily cloud) loss of which would trigger fresh bearish extension of descend from 0.7747 high, towards 0.7453 and 0.7384 (Fibo 50% and 61.8% of 0.7159/0.7747 rally) respectively. Overall bearish structure sees limited recovery before fresh weakness, with falling hourly cloud (spanned between 0.7537 and 0.7556) reinforced by 200SMA (0.7549) expected to cap rallies.
Res: 0.7537; 0.7549; 0.7556; 0.7570
Sup: 0.7520; 0.7490; 0.7471; 0.7453
Interested in AUD/USD technicals? Check out the key levels
- R3 0.7618
- R2 0.7591
- R1 0.7544
- PP 0.7518
- S1 0.7471
- S2 0.7444
- S3 0.7397
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