AUDUSD – bounce from new multi-week low needs to clear key barriers to sideline larger bears

AUDUSD bounces from new six-week low in early Tuesday trading after bears repeatedly faced strong headwinds from solid supports at 0.6645/27 (50% retracement of 0.6348/0.6942 / 200DMA).

Fresh recovery attempts pressure strong barriers at 0.6695 (100DMA / daily cloud top) with firm break here needed to ease downside pressure and open way for extension through recent congestion top (0.6723) break of which to generate initial reversal signal on formation of a double-bottom pattern (0.6658/50).

Technical picture is negative on daily chart and bears will keep control as long as the price holds within current consolidation range, with near term risk to remain shifted to the downside for renewed attack at 0.6645/27 pivots, violation of which to expose daily cloud base / Fibo 61.8% (0.6586/75).

Res: 0.6695; 0.6705; 0.6723; 0.6759
Sup: 0.6645; 0.6627; 0.6586; 0.6575