AUDUSD – broader bears resume after brief consolidation
Bears resumed on Friday and test target at 0.7541 (weekly 100SMA), also eyeing support at 0.7516 (Fibo 76.4% of 0.7328/0.8124 ascend).
Firm bearish structure of daily techs is supportive for further downside, but bears may take a breather, as daily studies are oversold.
No firmer reversal signal seen for now, but corrective action could be anticipated in coming sessions.
Limited upside is expected as strong bears show scope for further descend. The pair is on track for strong bearish weekly close which supports the notion.
Falling 10SMA (0.7631) should ideally cap upticks.
Res: 0.7591; 0.7608; 0.7631; 0.7666
Sup: 0.7541; 0.7516; 0.7496; 0.7460