AUDUSD – recovery remains limited by 200SMA as falling daily cloud continues to weigh
The Aussie dollar maintains firm tone on Tuesday and ticked higher in attempts to test three-day consolidation top at 0.7694.
Resistance is reinforced by 200SMA and marks the lower side of strong resistance zone between 0.7694 and 0.7714, provided by 200SMA and the base of falling thick daily cloud.
The pair is facing strong headwinds here and stall of recovery leg from 0.7500 cannot be ruled out.
Dip below 0.7626 (consolidation range floor) would generate initial bearish signal while return below 0.7597 (converged daily Tenkan-sen / Kijun-sen) is needed to confirm reversal and re-focus 0.7500 base.
Alternative scenario needs penetration of daily cloud and lift above 0.7730 (Fibo 38.2% of 0.8102/0.7500 descend) to signal stronger correction.
Res: 0.7694; 0.7714; 0.7730; 0.7800
Sup: 0.7655; 0.7626; 0.7597; 0.7574