AUDUSD – limited recovery attempts on Friday keep bears firmly in play
The Aussie moved slightly higher after hitting ne low at 0.7532 on Friday (the lowest since early Dec), but without signs of stronger recovery for now.
Limited upside action keeps bears firmly in play and signals further easing for eventual test of key support at 0.7500 (11 Dec low), to fully retrace 0.7500/0.8135 rally.
Bearish techs and strong US dollar maintain strong pressure, with bearish signal developing on weekly chart as the pair is on track for the second straight bearish week.
On the other side, daily RSI is breaking into negative territory and slow stochastic turned sideways in deep oversold zone, suggesting corrective action, which could be boosted by profit-taking after six consecutive days in red.
Corrective upticks should be capped by strong barriers at 0.7624/41 (broken main bear-trendline off 0.6826 / weekly cloud base).
Res: 0.7588; 0.7606; 0.7624; 0.7641
Sup: 0.7532; 0.7500; 0.7481; 0.7457