Aussie rebounds after sharp fall but the downside to remain vulnerable below 10DMA
Fresh risk bounce lifts Aussie above 0.75 mark in US trading, following sharp fall on risk aversion over new virus fears earlier today that dipped to 1 ½ week low at 0.7462 (contained by rising 20DMA).
Rebound eases downside pressure, with key requirement on lift and daily close above 10DMA (0.7536) that would sideline immediate downside risk.
Otherwise, close below 10DMA (the first since Oct 28) would keep near-term structure weak and risk shifted lower.
Firm break of cracked key supports at 0.7480/62 (Fibo 38.2% of 0.7221/0.7639 / 20DMA) would risk deeper correction of 0.6991/0.7639 ascend).
Fading bullish momentum and south-heading daily RSI / stochastic after reversal from overbought zone, support fresh bears.
Res: 0.7567; 0.7581; 0.7606; 0.7639
Sup: 0.7536; 0.7480; 0.7462; 0.7430