AUDUSD – deeper correction cannot be ruled out
The Aussie dollar holds in red on Tuesday, dragged by stronger dollar and fall of copper price.
Bullish structure favors further advance after correction, as bulls showed signs of stall after testing barrier at 0.7977 (Fibo 76.4% of 0.8124/0.7500 fall) and overbought daily indicators are turning south.
Solid bids lay at 0.7900 (daily Tenkan-sen / Monday’s low), followed by rising 10SMA (0.7877) which is expected to ideally contain dips.
Otherwise, deeper correction on break below 10SMA, would expose key near-term supports at 0.7800 zone (correction lows of 09/10 Dec / 20SMA).
Res: 0.7977; 0.8000; 0.8035; 0.8102
Sup: 0.7938; 0.7900; 0.7877; 0.7847