AUDUSD – recovery attempts show lack of strength for stronger correction
The Aussie dollar bounced on Friday after five-day descend found footstep at 0.7550, just ahead of key support at 0.7530 (21 Nov low.
Fresh recovery, propped by weaker greenback, probes above bear-trendline which tracks the downtrend since 20Sep and daily Tenkan-sen / 10 SMA (0.7587). Upticks were so far unable to clearly break higher and trigger stronger correction of 0.7644/0.7550 downleg.
Failure to break here and take out 20SMA barrier at 0.7611 would keep in play risk of final push towards 0.7530 and bearish continuation on sustained break lower, but bears may stay in extended consolidation before resuming.
Close above 20SMA is needed to sideline immediate bearish threats and signal extension towards next pivotal barrier at 0.7644.
Res: 0.7597; 0.7611; 0.7630; 0.7644
Sup: 0.7551; 0.7530; 0.7500; 0.7475