AUDUSD – bears focus key support at 0.7530; falling trendline continues to cap
The Aussie remains in red for the fifth consecutive day and trend lower, with bear-trendline off 0.8102 (20 Sep high) continuing to cap and maintain bearish pressure.
Limited overnight’s corrective action was capped by broken daily Tenkan-sen (0.7592) before bears resumed, pressuring Wednesday’s low at 0.7551.
This is the last obstacle ahead of key support at 0.7530 (21 Nov low, the lowest since mid-June), break of which would signal continuation of larger downtrend from 0.8124 (2017 high).
Bearish techs support scenario, however, hesitation at 0.7530 pivot and subsequent consolidation would be likely scenario.
Bear-trendline is expected to cap extended upticks.
Res: 0.7592; 0.7607; 0.7620; 0.7644
Sup: 0.7551; 0.7530; 0.7500; 0.7475